High-ranking sources from the Ministry of Finance have said the decision to reduce subsidy on 17 commodities, including fuel, will be implemented in the current fiscal year (2015-2016) to increase non-oil revenue.
The source stated that government has requested “Ernest & Young” to expedite and present its report concerning the reduction of subsidy within two weeks instead of the previously agreed appointment of April, next year.
Meanwhile, sources close to the Ministry of Finance have urged government bodies to expedite accumulated fees collection on citizens and residents after the fall back of the revenue collected in the past eight month to KD 790 million compared to the plan of collecting non-oil revenue of KD 1.89 billion by the end of this month (December).
The sources added that the Ministry of Finance has finished preparations to issue bonds if the need arises, but it did not specify the announcement date of the sale of the bonds.
Source: Arab Times