In preparation for the next stage, the government requested setting a financial spending threshold for the next three years, and setting a guiding principle for entities with spending limits on the basis of a public finance pillar, according to an Arab daily. In this regard, the Cabinet assigned the Minister of Finance and Minister of State for Economic Affairs and Investment, Abdul Wahhab Al-Rasheed, to issue instructions regulating the preparation of budget estimates in accordance with the law on the rules for preparing public budgets and monitoring their implementation, as well as, the final account.
Al-Rasheed, during the weekly meeting headed by His Highness Sheikh Ahmed Al-Nawaf, presented the challenges of public finance, which included an explanation of the status of the General Reserve Fund and the Future Generations Reserve Fund, in addition to the state of the public finances for the next five years as compared to the past five years. The presentation also addressed the financial data for expenditures and revenues in the budget by components, and the package of necessary reforms to meet the challenges.
The Cabinet extended appreciation for the efforts undertaken by the Ministry of Finance in carrying out the tasks entrusted to it, as well as, its keenness to preserve and develop public money.
Moreover, the Council discussed the recommendation of the Public Services Committee regarding ways to enhance the food security system along the proposals and visuals presented, as it referred the matter to the Government Performance Follow-up Agency to complete follow-up coordination with the concerned authorities. This includes finalizing the preparation of the report on the provision of the strategic storage areas and sites to build storages and warehouses for repository purposes.
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