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State Audit Bureau announces financial savings for public funds
November 4, 2018, 9:24 am

Kuwait's State Audit Bureau (SAB) announced on Saturday achieving financial savings for public funds at the value of KD 294 million (around USD 968 million due) to supervisory activities it fulfilled in cooperation and coordination with responsible bodies for the fiscal year 2017­2018.

SAB's Director of the Department of Economic and Regulatory Control Fatma Al­Busairi said in press statement today that tight supervision in the fiscal year 2017­2018 increased the saved fund by KD 60 million (around USD 197 million) compared to fiscal year 2016­2017, when the saved money reached KD 234 million (USD 770 million).

The tight supervision control is divided into financial and non­financial, and is resulted from SAB supervisory task, she said. The financial control is reflected in achieving measureable public benefit like decreasing expenses or increasing income, while non­financial control is represented by achieving a non­measureable public benefit and supported with proofs like improving the performance of the work institution, she added.

The financial control has saved funds valued at around KD 294 million (USD 968 million), distributed to the bodies included in SAB's supervisory activities, as the governmental ministries and administrations' share standing at 70 percent, and the independent entities 18 percent, she said. That of companies of annexed budgets was at 10 percent, while that of bodies of attached budgets stood at two percent, she said.

The financial control gained from subsequent control reached KD 277 million (USD 912 million), 94 percent of the total value, while the non­financial control gained from the pre­censorship KD 17 million (USD 55 million) which makes only six percent of the total value, she said.

The financial control of the governmental sector reached KD 264 million (around USD 869 million), which reached KD 30 million (USD 98 million), while the non­financial control effects of the governmental sector reached 123, and 15 to companies sector, she added.

Meanwhile, the non­financial control represented in non­measurable public benefit reached 138 effects distributed to various bodies, ranging from 43 percent to bodies of independent budget, and 11 percent to companies, she affirmed.

Source: KUNA

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