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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Kuwait gov''t''s final accounts decree prevents negative impacts on budget -

    lonelyintexas
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    • Post n°1

    Kuwait gov''t''s final accounts decree prevents negative impacts on budget - Empty Kuwait gov''t''s final accounts decree prevents negative impacts on budget -

    Post by lonelyintexas Wed 17 Jul 2013, 8:09 am

    Kuwait gov''t''s final accounts decree prevents negative impacts on budget -

    17/07/2013 | 02:02 AM | Kuwait News

    Hamada (With photos) KUWAIT, July 16 (KUNA) -- The government's draft decree of final accounts and budgets of ministries, independent and subsidiary authorities for fiscal year 2013-14 aims at preventing "negative impacts" on state general budget, a government official said Tuesday evening.

    Finance ministry undersecretary Khalifa Hamada     attributed the ministry's request of government to issue this draft decree to the fact that the parliament was annulled thus incapable of ratifying the budgets.

    The constitutional court annulled last month the parliament that was elected last December and the government called for general elections on July 27.

    Hamada, at a news conference, said the ministry asked for the draft decree because three months have already passed since the beginning of current fiscal year and might extend longer with the final accounts and budgets not yet approved, which would negatively affect the country's development plan.

    Any delay in the approval of budgets, he added, would mean the government's inability to spend on its authorities which were established in fiscal year 2013-14, like the public anti-corruption authority, as well as projects and agreements listed in the development plan.

    The cabinet, in its meeting earlier today, forwarded the draft decree to His Highness the Amir to sign it.

    If the final accounts and bugets were not approved, Hamada said, the government would also be incapable of paying for new tenders and contracts in fiscal year 2013-14.

    The draft decree, he noted, would save time in terms of preparations for tenders.

    Hamada said a similar decree was issued last year because the parliament was dissolved.

    The state general budget should be approved before April 1 of every year, he said, "and any delay will hinder the government authorities from implementing their programs and spending as well as affecting their performance."

    Asked by KUNA on increase of allocation to 25 percent of revenues     to the future generations fund, Hamada attributed the decision to government's desire to use the surplus in a way harmless to revenues or expenditures.

    He continued to say the finance ministry was keen to avoid excessive spending and sought to increase spending on investment because it would encourage the economic cycle, as he anticipated more investment spending in future.

    Hamada, meanwhile, said the price of an oil barrel in the 2013-14 budget would be set at USD 70. It was USD 65 in previous budget.

    The price of Kuwaiti crude oil was up 56 cents in Monday's transactions, selling for USD 103.77 per barrel (pb) compared to Friday's USD 103.21 pb.

    The current oil price in the budget was approved by the oil ministry and approved by the budget committee of the finance ministry. "It is based on projected revenues in line with current local oil production," explained Hamada.

    Hamada was asked about the sum allocated for the establishment of the Silk City but said no sum was alloted so far. "There is no necessity to allocating a special budget to implement the Silk City, it could happen through providing the capital via different ways and one of which is through specialized companies." The undersecretary said the ministry was ready to grant fresh graduates KD 200 (some USD 700) monthly as of graduation day until they find jobs. (end) mjb.smr.jn.bs KUNA 170202 Jul 13NNNN

    http://www.kuna.net....715&language=en
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