Finance Ministry takes steps to address outstanding government debts

The Ministry of Finance, in its pursuit of financial discipline and economic sustainability, has formally urged several government agencies to expedite the collection and settlement of outstanding debts. This initiative aims to curb the accumulation of financial imbalances and safeguard public funds.

Informed sources told Al-Rai that these directives were issued after noticing the significant increase in debt owed to the government by certain entities, prompting intervention to ensure the collection of these amounts and prevent their accumulation, in line with the regulations governing government agencies’ budgets.

The sources confirmed that the Ministry stressed the importance of taking necessary measures to collect and settle balances carried over from off-budget accounts, particularly accumulated debts, highlighting that this step aims to curb balance inflation and ensure financial stability.

Furthermore, the sources noted the ministry’s commitment to monitoring the implementation of government agencies’ budget regulations, especially in light of the accumulation of financial amounts in assets, liabilities, and regulatory accounts from previous years. This is crucial as government agencies bear legal and financial responsibility to inventory, classify, and address these accounts appropriately.