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Audit Bureau's 2013-2014 report on state bodies completed

The State Audit Bureau Chairman Abdulaziz Al-Adsani
The State Audit Bureau Chairman Abdulaziz Al-Adsani
KUWAIT, Oct 25 (KUNA) -- The State Audit Bureau has accomplished its annual report for the budgets of official bodies and balance sheets for FY 2013-2014, it was announced on Saturday.
The Bureau has developed auditing methods, and enhanced cooperation with the targeted bodies for the sake of realizing effective monitoring of funds as "a partner in public interests and a monitor," Chairman Abdulaziz Al-Adsani said in a press release.
In the report, the State Audit Bureau refers the to legislative and executive powers a host of issues of prime importance, as they have wide financial, economic and social impact, and need to be studied and remedied, Al-Adsani added.
He noted that the issues raised by the report are "the responsibility of all and it is very important for the legislative and executive powers to activate the Bureau's reports, which will help halt negative aspects of the official bodies." One top issue addressed by the report is the rising of producing Kuwaiti oil at the time when crude prices are on the decline worldwide, Al-Adsani said. This prompts speeding up capital projects in the oil sector to boost competitiveness of products and curb the negative impact of the falling prices. Production costs have also to be reviewed, and decreased.
According to the first chapter of the report, wages and other relevant expenses consume about 45 percent of the state budget, though capital and investment expenditure is not even half the rate, the Bureau chairman said. "This is an index of the structural imbalances in the budget." Al-Adsani referred in his press release to issues that had been comprised in previous reports by the Bureau, but were not addressed.
These include development projects comprised in previous budges that have not been completed so far, which negatively affect the target of the annual plan and the development plan 2010-11/2013-14, he said.
Meanwhile, the Bureau continues to follow up implementation of capital projects in the oil sector, the pillar of the state income, Al-Adsani said, calling for making the utmost of the real estate property, both public and private, as a prominent element for enhancing revenues. (end) mgb.msa