KUWAIT CITY, Oct. 13 (Xinhua) — Kuwait’s Finance Ministry aims to achieve financial balance in the budget through the cooperation of all governmental bodies, Finance Minister Nayef Al-Hajraf said on Sunday.
At the ministry’s public meeting held in Kuwait City, the minister stressed the importance of the ministry’s role as the country’s financial director for «laying safe and accurate basis for budget estimations.»
Al-Hajraf said that his ministry would not approve the preliminary estimation submitted by government agencies for the budget of the fiscal year (2020-2021), which amounted to 27.7 billion Kuwaiti dinars (91 billion U.S. dollars) .
«The ministry rejected all these budgets for lack of objectiveness on which these amounts were estimated, noting that last year was estimated at 30.5 billion Kuwaiti dinars and was eventually reduced to 22.5 billion Kuwaiti dinars,» he added.
Achieving financial balance in the budget «requires the concerted efforts of everyone to work as a team within the framework of the directives of the cabinet,» he said.