Published On: Mon, Dec 29th, 2014

State expenditure in FY 2014/2015 to reach KD 23.2 billion

  Adnan Abdualsamad, Chairman of the National Assembly's State Budget Committee

Adnan Abdualsamad, Chairman of the National Assembly’s State Budget Committee

The state expenditure is expected to amount to KD 23.2 billion in the fiscal year of 2014/2015, said Chairman of the National Assembly’s State Budget Committee MP Adnan Abdualsamad.
The Kuwaiti MP made this remark during a lecture that was organized and held at Kuwait University’s College of Law.
Abdulsamdad pointed out that the expenditure is distributed to five chapters in the state budget: salaries, commodity and service requirements, transport, construction projects and various expenses.
Public spending on salaries is estimated at KD 5.5 billion; commodity and services KD 3.9 billion; transport KD 290 million; construction KD 2.1 billion and various expenses KD 11.3 billion, the MP explained.
The budget dependency on oil revenues is more than 90 percent, an estimation of KD 19 billion, based on a hypothetical crude price of USD 75 a barrel, he added.
He pointed out that the development plan has only cost the country KD 10 billion.
Abdulsamad added that political stability is key to improving any country’s economic status, hence, corruption and self-interests should be avoided at all cost in order to achieve progress in the country’s development plan.
He stressed the importance of conducting analytical studies for the budget and appointing financial monitors at the State’s Audit Bureau to avoid any violations or breaches in the country’s projects and practices. The fiscal year for the state of Kuwait starts in the beginning of April every year and ends of the 31st of March the following year.

Source : KUNA Kuwait News agency

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