Even with this substantial growth, chapter four spending remained well below its budget allocation of KD 335 million for the period. Growth was most rapid at the Ministry of Public Works where spending jumped by 56%.
Meanwhile, spending at the Ministry of Electricity and Water (MEW) increased by 10%. The low ratio of actual to budget expenditures is typical at this point in the fiscal year, as this chapter sees substantial adjustments in the final figures after the close of the fiscal year.
Increased transfers to public institutions gave a strong boost to growth in spending during the first half of FY02/03. Such transfers reached KD 500 million, up 20% from a year ago. This growth was in line with the increase in the budget allocation and went in large part to four institutions, including PIFSS, the Public Authority for Housing Care, the Public Authority for Agriculture and Fishing, and Public Authority for Applied Education and Learning.
Other sources of growth in spending included a 42% increase in spending on goods and services. The increase was almost entirely due to higher spending at MEW, and appears to be largely spending on fuel at the ministry.
This increase does not indicate a trend towards higher fuel costs as the KD 35 million spent during the first half of FY02/03 is well below half of the KD 300 million spent on fuel at MEW during FY01/02 as a whole. Again, major adjustments to actual spending are made by the close of the fiscal year.
Meanwhile, some spending items saw substantial declines. These included housing loan forgiveness on which KD 35 million was spent during the first half compared to KD 89 million a year ago. This is in line with the reduced amount budgeted in FY02/03 following the exceptionally large KD 237 million budgeted in the previous fiscal year.
Another item seeing a substantial decline were foreign transfers which dropped by 41%. About 78% of this decline was due to a reduction in foreign aid which fell by KD 16 million from the same period last year.
Browse
related articles
Kuwait hikes public spending (page 2 of 2)
- Saturday, November 30 - 2002 at 11:19
Related content
Article Options
Peter J. CooperSaturday, November 30 - 2002 at 11:19 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / 4C.
Disclaimer »
The information comprised in this section is not, nor is it held out to be, a solicitation of any person to take any form of investment decision. The content of the AMEinfo.com Web site does not constitute advice or a recommendation by AME Info FZ LLC / 4C and should not be relied upon in making (or refraining from making) any decision relating to investments or any other matter. You should consult your own independent financial adviser and obtain professional advice before exercising any investment decisions or choices based on information featured in this AMEinfo.com Web site.
AME Info FZ LLC / 4C can not be held liable or responsible in any way for any opinions, suggestions, recommendations or comments made by any of the contributors to the various columns on the AMEinfo.com Web site nor do opinions of contributors necessarily reflect those of AME Info FZ LLC / 4C.
In no event shall AME Info FZ LLC / 4C be liable for any damages whatsoever, including, without limitation, direct, special, indirect, consequential, or incidental damages, or damages for lost profits, loss of revenue, or loss of use, arising out of or related to the AMEinfo.com Web site or the information contained in it, whether such damages arise in contract, negligence, tort, under statute, in equity, at law or otherwise.
