Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait- Loopholes for abuse to be closed  Join our daily free Newsletter

MENAFN - Arab Times - 06/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab Times) Barely a week after the closed-door parliamentary session when the "real financial and economical status'' of the State was revealed, public institutions and establishments have started studying plans and procedures to stop the wastage of public funds and regulate subsidies - a step the government thinks is inevitable. Ministerial sources disclosed the move towards regulating subsidies is part of a comprehensive plan, which involves remedying every faulty aspect of the budget. Sources said the commodities and ration supplies will be regulated to ensure distribution only to the rightful beneficiaries and impose severe penalties on those proven to be selling these goods



On regulating water and electricity consumption, sources disclosed "the government is facing technical difficulties in separating the citizens and expatriates in terms of billing; let alone the failure of several citizens to pay electricity bills, contrary to the expatriates who are committed to settling their bills." Sources confirmed work is underway on setting limitations for water and electricity services, which will lead to the increase of consumption charges. After that, the electricity consumption allowance will be set for citizens only once the consumers are categorized based on the rate of consumption, and through this move, the size of government subsidy will be reduced, then the concerned ministry will be able to settle its dues, sources added



On the fuel subsidy, sources clarified "there is an inclination towards endorsing fuel support allowance after its price is increased, so the citizens become the only beneficiaries. Sources said the form of support has yet to be decided - whether through financial support or subsidized fuel cards given only to the Kuwaitis. Sources reiterated the government is still committed to ensure that people with limited income will not be harmed by the subsidy support regulations. Sources said the comprehensive plan will help in collecting better revenues and reducing wastage in subsidies which have reached hundreds of millions. Meanwhile, Head of the Budget and Final Accounts Committee in the Parliament MP Adnan Abdulsamad revealed the panel will soon present its initial concept to the lawmakers in order to address the budgetary discrepancies, which usually lead to squandering of public funds



Abdulsamad explained, "The parliamentary ideas and suggestions presented in the closed-door meeting on the financial status of the country were attached to the previous budgets. We will work with the rest of the MPs on implementing our past recommendations and if the government does not adopt these recommendations, we will agree with other MPs to issue them as laws



Once these recommendations become laws; the government will be obliged to implement them, starting with the proper budget allocation to protect public funds and to stop wastage." On the other hand, MP Faisal Al- Kandari affirmed the report on the financial status of the State warns about dire consequences if the government does not control expenditures. He called on the government to bear its responsibilities in remedying the faults found in its budget, lay down plans for diversification of income sources, and adopt proper spending plan through practical procedures, not just slogans. Al-Kandari also confirmed support for Abdulsamad's direction towards transforming the committee's previous recommendations into laws in order to oblige the government to implement them. He stressed the need to take this step because the government keeps on ignoring the recommendations due to repeated dissolutions of the Parliament; thereby, preventing such matters to be discussed and finalized

 


Arab Times




  MENA News Headlines
 Sep 23 2014 - Messi Neymar on target as Barca thrash LevanteArab Times
(MENAFN - Arab Times) MADRID Sept 21 (Agencies): Barcelona overcame a missed penalty from Lionel Messi to return to the top of La Liga with a 5-0 win away to 10-man Levante on Sunday. Neymar opened ...

 Sep 23 2014 - Oil prices will not 'return' to previous levels: officialArab Times
(MENAFN - Arab Times) KUWAIT CITY Sept 21 (KUNA): A Kuwaiti oil expert indicated Sunday that the prices of oil will not return to its previous levels as the fair price is to range between $90 and 95 ...

 Sep 23 2014 - Saudi addict killed in shootout after Al-Jahra hostage dramaArab Times
(MENAFN - Arab Times) KUWAIT Sept 21 (KUNA): The Interior Ministry said on Sunday that a Saudi young man who had taken members of his family hostage at gunpoint and later stabbed one was killed in a ...

 Sep 23 2014 - Kuwait: No link between Sheikh Jaber Bridge and fish deaths: CabinetArab Times
(MENAFN - Arab Times) KUWAIT CITY Sept 22 (KUNA): The cabinet has affirmed that the constructions underway of the Sheikh Jaber Al-Ahmad Al-Sabah Bridge have nothing to do with the phenomenon of fish ...

 Sep 23 2014 - Kuwait: 9 days holiday - 3rd Oct till 11th OctArab Times
(MENAFN - Arab Times) KUWAIT CITY Sept 22 (KUNA): The Cabinet has decided to regard Wednesday and Thursday which fall on Oct 8 and 9 as 'days-off' said Minister of State for Cabinet Affairs and ...

 Sep 23 2014 - Qatar off to winning startThe Peninsula
(MENAFN - The Peninsula) Qatar overcame a tense first set before overpowering Chinese Taipei in their opening match of the Asian Games volleyball tournament at the Ansan Sangrosku Gymnasium ...

 Sep 23 2014 - Cyprus International RallyThe Peninsula
(MENAFN - The Peninsula) Qatar's Abdulaziz Al Kuwari was crowned champion of the Cyprus International Rally, the fifth round of the FIA €‹€‹Middle East Championship, held on September 19-21. ...

 Sep 23 2014 - Asian Games: Qatar trounce China in handballThe Peninsula
(MENAFN - The Peninsula) A Qatari player tries to break through the Chinese defence in their Asian Games Group C match at the Seonhak Handball Gymnasium yesterday. Qatar thrashed China 35-16 to make ...

 Sep 23 2014 - Qatar- IR key for market performanceThe Peninsula
(MENAFN - The Peninsula) Qatar Exchange (QE) and JP Morgan, in association with Middle East Investor Relations Society (MEIRS), hosted the 5th Annual Investor Relation Conference here yesterday.The ...

 Sep 23 2014 - Qatar- Global financial reporting faces challengesThe Peninsula
(MENAFN - The Peninsula) With big changes in International Financial Reporting Standards (IFRS), professionals preparing financial statements are expected to face challenges in assessing the ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help