Kuwait’s National Assembly Speaker, Marzouq Ali Al-Ghanim, announced on Thursday, that, the parliament approved the 2017-2018 State budget and final accounts of ministries and government departments for the fiscal year 2015-2016.

The speaker was speaking, after a parliamentary in-camera session was turned public, in response to a government request to discuss the State financial status according to the Constitutional Article 150.

The National Assembly has also approved submitting the State financial status to the Audit Bureau, to present a report in this respect to the parliamentary and final accounts commission.

He added that the Deputy Prime Minister and Finance Minister, Anas Al-Saleh, along with the technocrats’ team, addressed a presentation about the State financial status for the fiscal year ending on Mar 31, this year.

Expenditures in the budget of the ministries and government departments (for FY 2017-2018) were estimated at KD 19.900 billion (some USD 65.636 billion) and income was estimated at KD 13.344 billion (some USD 44.013 billion).

KD 1.334 billion (approximately USD 4.400 billion) of these proceeds would be added to the next generations’ reserve.

Deficit was estimated at KD 7.890 billion (some USD 26.024 billion), to be covered from the State general financial reserves

Source: NAM News Network