State budget posts first deficit since 1999 - Min. Al-Saleh

KUWAIT, July 1 (KUNA) -- Deputy Prime Minister and Minister of Finance Anas Al-Saleh said Wednesday the preliminary data of the final account for FY 2014-2015 show that the state budget registered a deficit of KD 2.3 billion. "This is the first deficit since FY 1999-2000," the minister said in a statement to a National Assembly session on the state budget for FY 2015-2016.
"To the contrary of earlier estimates that projected deficit between 2017 and 2021, the deficit came very early which reflects a difficult financial position we face at present due to the fluctuations of oil prices.
"This situation requires us to speed up the efforts to embark on financial reforms, ration public spending and reduce reliance on oil resources as main source of national income," he stressed.
Al-Saleh reminded the MPs that the draft state budget for FY 2014-2015 he presented highlights numerous economic challenges foremost among which are the persisting high current expenses.
After the MPs debated the draft state budget, Speaker of the National Assembly Marzouq Al-Ghanim said the Assembly decided to refer the financial case of the state and the observations of the MPs to the parliament committee on budgets and final account and the State Audit Bureau (SAB).
SAB is to report to the Assembly on the financial situation, he said, noting that Minister Al-Saleh responded to the questions of MPs.
Earlier today Al-Ghanim ordered the Assembly's session to be behind closed doors under Al-Saleh's request and based on Article 69 of the internal statutes of the Assembly. (end) kt.gb