Kuwait government proposes bill to address budget deficit

The proposed bill aims “changing the way of the deduction,” Kuwati Finance Minister said

  
Close-up of Kuwaiti bank notes (toned). Image used for illustrative purpose.

Close-up of Kuwaiti bank notes (toned). Image used for illustrative purpose.

Getty Images

KUWAIT - Kuwait Finance Minister Barrak Al-Shaitan said Tuesday a proposed draft law to amend Future Generation Law would contribute to addressing the State budget deficit.

The proposed bill aims “changing the way of the deduction,” Al-Shaitan said in a press statement after a meeting with members of the Finance and Economy Committee at the Naitonal Assembly.

“Instead of having the deduction from the projected State revenues, it will take place if there is a suprlus at end of the fiscal year,” he explained.

“If there is a surplus then a deduction will take place for the Future Generation Fund (FGF) and if there is no surplus then no deduction will be made,” he said about the solution proposed by the finance ministry to address the budget deficit.

Al-Shaitan, meanwhile, reiterated the government would not come close to citizens’ pockets nor employees’ rights.
The government, he added, would continue cracking down on corruption and sustain prosperity of citizens.

He said the government submitted a 2020-21 budget bill to the parliament and it was discussed by the Budget and Final Statement Committee. This budget, he added, highlighted importance of staying away from rights of citizens.(KUNA)

 

© 2020 Arab Times Kuwait English Daily. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From GCC