Kuwait's Parliament OKs budgets for 2009-2010 fiscal year 

(MENAFN - Kuwait News Agency (KUNA)) The National Assembly approved at its session held on Thursday budgets of ministries and government departments for the 2009-2010 fiscal year and referred the bills to the cabinet.

The voting on the bills came with approval of 40 members of the present 54 legislators, with 12 opponents and two abstentions.

A government decree stipulates in its first provision that the income of the budgets of the ministries and government departments is estimated at KD 8.074,455 billion.

The second article of the decree allocates 10 percent of the returns, KD 807.455,560 million for the fund of the next generations.

The third estimates expenditure of the public authorities at KD 12.116,000 billion, and the fourth puts hike of the spending and allocations for the income of the 2009-2010 fiscal year at KD 4.848,989,960 billion, covered with the state general reserves.

The parliament also ratified budgets of the independent and affiliate authorities for the same fiscal year, and referred the blessed bills to the government.

The legislators okayed the budgets of the Central Bank of Kuwait (CBK), Kuwait Municipality, the Public Investment Authority (PIA), Kuwait Fund for Arab Economic Development, Kuwait Petroleum Corporation (KPC), its subsidiary companies, the Public Authority for Housing Care, the Savings and Credit Bank and the Public Institution for Social Security.

The assembly referred to the government the bill of the CBK budget for the 2009-2010 fiscal year, with projected income standing at KD 32.974 million and expenditure at KD 70.949 million.

The third article of the bill says that the net losses incurred by hike of spending on the income, amounting to KD 37.998 million, will be covered from the general reserves of the bank.

The parliament referred to the government a bill approving the bill of the municipality, with forecast spending estimated at KD 151.112 million and returns at KD 31.953 million.

The third article of the bill says that the hike of spending on the income, estimated at KD 119.159 million will be covered from the ministry of finance budget -- public accounts.

It referred to the government a bill okaying the budget of the investment authority with projected spending at KD 30.823 million and returns at KD 10,000. The third provision says hike of spending on the income amounted to KD 30.813 million, covered by the ministry of finance -- the general accounts.

The national legislative assembly also referred to the government the bill approving the bill of Kuwait Airways, with estimated income amounting to KD 249.869 million and expenditure at KD 401.122 million. The third article of the bill estimates losses at KD 151.243 million.

It also submitted the bill regarding the Kuwaiti philanthropic fund, with forecast income standing at KD 73.074 million, spending at KD 19.867,722 million, with earnings foreseen at approximately KD 53.206,828 million.

The third term of the bill rules that the realized profits should be distributed with 90 percent to the fund's general reserves, worth KD 47.886,145 million, and the rest, estimated at KD 5.320,683 million, to the housing authority.

The assembly referred to the government the bill for the petroleum corporation with estimates of the income amounting to KD 10.222,449 billion and spending at KD 9.534,319 billion.

The third articles of the decree estimates the net profits of the corporation at some KD 688.130 million.