His Highness the Prime Minister Sheikh Jaber Mubarak Al-Hamad Al-Sabah presided over a joint meeting by the cabinet and the Supreme Council for Planning and Development (SCPD) at Al-Saif Palace on Wednesday.
The meeting discussed a report by the SCPD economic development committee on the draft state budget for FY 2016-2017, said Minister of Social Affairs and Labor and Minister of State for Planning and Development affairs Hind Al-Sabeeh.
Head of the committee Nasser Abdullah Al-Roudhan briefed the conferees on the observations of the committee regarding the upward slant of the public spending and the recommendations for addressing the current financial situation, she noted in a press release following the meeting.
Undersecretary of the Ministry of Finance Khalifa Musa'ed Hamadah and senior officials of the ministry and Kuwait Petroleum Corporation (KPC) offered detailed presentations on the financial data included in the draft budget.
The conferees raised suggestions about the draft and how to revitalize the role of the private sector in economic growth amid the negative impacts of the lowering prices of oil on the national economy.
They reviewed the plans for economic and financial reforms as well as the efforts to diversify the sources of national income and make a better use of the resources of the country with a view to offsetting the planned cuts in public spending in the framework of a national comprehensive perspective.
The conferees highlighted the need of urgent measures to rationalize spending and avoid the possible impacts of economic shrinkage in order to ensure good living for the current and future generations, Al-Sabeeh pointed out.
The meeting ended with approval of the draft budget and appreciation of the efforts made by the Finance Ministry staffers while developing the draft. The conferees called on all stakeholders, whether entities or individuals, to understand the challenges of the current stage.
They asked Deputy Prime Minister, Minister of Finance and Acting Minister of Oil to make a complete presentation to the press on all aspects of the draft budget as a prelude to tabling the document to the National Assembly, she added.
They also tasked a joint team from the cabinet committee on economic affairs and the SCPD economic development committee with translating the instructions relating to financial and economic reforms into practical viable programs in order to reach the desired objectives.