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Kuwait: New budget key step towards sustainable development

Global Arab Network - - Gamal Ragay

Tuesday, 09 February 2010 14:54

Kuwaiti Minister of Finance Mustafa Al-Shimali said the draft state budget for 2010-2011 is a significant step on the way to sustainable development thanks to planned development projects.

The draft budget is hoped to lead to a quantum shift to realize the amiri desire to turn Kuwait into a regional financial and trade center, he said in news remarks.

The draft budget involves revenues estimated at KD 9.7 billion, including KD 8.6 billion in oil proceeds, making up 89 percent, and KD 1.1 billion in non-oil proceeds, accounting for 11 percent, he said.

Oil revenues were estimated on the basis of USD 43 per barrel, with an estimated production of 2.2 million barrels a day, he added.

Actuarial deficit is to be cleared in five annual payments; KD 1.9 billion as of the fiscal year 2010-2011 and ending with the FY 2014-2015, the minister said, noting that pays, social insurance, financial support for national labor and social care and others hit KD 7.2 billion.

The Ministry of Finance has exerted stupendous efforts to work out the 2010-2011 state budget in line with successive stages, he added.

The draft has been produced following the consideration of all drat budgets reaching the ministry from all state agencies and ministries with a view to ensuring exemplary spending and accurate estimates, the minister said.

On the link between the draft budget and the government's program of action for the 13th legislative term, Al-Shimali said the ministry had attached much attention to the program by scrutinizing the document and re-tabulating attached projects.

The draft budget was completed and sent to the cabinet during a meeting on January 24 and then to the National Assembly (parliament), the minister concluded. (KUNA)

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