Quotes: 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
 Apr 21 2015 - Trade balance deficit drops about 17%Jordan News Agency
(MENAFN - Jordan News Agency) The Kingdom's trade balance deficit had decreased by 16.9 percent at the beginning of this year, driven by a 34.8 percent fall in oil imports, according to Department of ...

 Apr 21 2015 - Kuwait Stock Exchange closes in red zoneSaudi Press Agency
(MENAFN - Saudi Press Agency) Kuwait Stock Exchange (KSE) ended Tuesday's session in the red zone as the weighted index lost 2.97 points, reaching 432.02 points, the price index lost 45.3 points, ...

 Apr 21 2015 - SFDA Prohibits Poultry Meat from Two US StatesSaudi Press Agency
(MENAFN - Saudi Press Agency) Saudi Food and Drug Authority (SFDA) has temporarily banned the import of poultry meat, eggs and their products and outfits from Arkansas and Kansas of the United States ...

 Apr 21 2015 - Egypt's former president Mohamed Morsi sentenced to 20 years in prisonJordan News Agency
(MENAFN - Jordan News Agency) Former Egyptian president Mohammed Morsi was sentenced to 20 years in jail Tuesday, on charges relating to the deaths of protesters outside his palace three years ago.In ...

 Apr 21 2015 - RTA showcases initiatives supporting green economy in WETEX 2015Emirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Through its participation in the Water, Energy, Technology, and Environment Exhibition (WETEX), the Roads and Transport Authority (RTA) is promoting a raft of ...

 Apr 21 2015 - Ninth edition of UAE capital's leading real estate event returns with new features and highlights across 18,000sqm of exhibition spaceEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAMThe ninth edition of Cityscape Abu Dhabi has been officially inaugurated by HH Sheikh Hazza bin Zayed Al Nahyan, National Security Advisor and Vice Chairman of the ...

 Apr 21 2015 - DFM inaugurates Annual Stock Game for students to explore financial marketsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Dubai Financial Market, DFM, today inaugurated its Annual Stock Game with the participation of 5,723 students from schools and universities in the UAE and ...

 Apr 21 2015 - Kuwaiti Foreign Minister and his Moroccan counterpart discuss regional and international developmentsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Foreign Minister of Kuwait, Sheikh Sabah Al Khaled Al Hamad Al Sabah and his Moroccan counterpart Salaheddine Mezouar have discussed bilateral ties and a host of ...

 Apr 21 2015 - UN Security Council strongly condemns murder of Christians in LibyaEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The UN Security Council has strongly condemned in a statement late Monday the "heinous" and "cowardly" apparent murder in Libya of over 30 Ethiopian ...

 Apr 21 2015 - Ban urges bold changes to aid action as states prepare for World Humanitarian SummitEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Looking ahead to the World Humanitarian Summit in Istanbul next year, the United Nations Secretary-General today stressed how news stories were serving to compel ...

more...


 






Google

Arab Advisors_12th convergence conf

 
 

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

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
Economic Calendar
Financial Glossary


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


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help