The Ministry of Finance aims to improve financial performance through engineering and managing cash flow through specialized studies.
A local Arabic daily has learned, through its informed sources, that this comes after many years in which the state’s general budget suffered from a lot of financial pressures due to the decline in oil prices and successive deficits that led to the depletion of liquidity in the state’s general reserve in conjunction with the failure of the Public Debt Law, which prevented the state from borrowing as one of the main tools for managing public finances.
The financial pressures that the budget was subjected to were not limited to the depletion of the liquidity of the general reserve only, but extended until recently to the postponement and rearrangement of periodic financial commitments estimated at about two billion dinars before oil prices started to rise again to levels that exceed the break-even price in the state’s general budget for the year The current one did not guarantee the liquidity support necessary for the state to take its decisions comfortably.
In this regard, the Ministry of Finance is turning to seeking the assistance of a specialized advisor for cash management to improve financial performance and simplify procedures, as it has recently added it to its list of needs hiring of Kuwaiti advisors.
This comes within the framework of the need of the public accounting sector in the Ministry of Finance for a citizen to occupy the position of financial advisor for cash, as 4 main tasks have been set for him as follows:
1 – Preparation of studies and proposals — the cash advisor will prepare studies and submit proposals related to cash management, with the aim of improving financial performance and simplifying procedures.
2 – Reports — it will play a pivotal role in contributing to the preparation and review of cash management reports in preparation for submission to the higher management of the ministry.
3 – Technical support — the required consultant will undertake the tasks of providing technical support to decision makers and transferring the acquired experiences to researchers to develop skills and improve performance in the field of cash management.
4 – Improving and developing systems — the consultant will be entrusted with contributing to the development and improvement of financial systems related to cash with the relevant authorities.
This comes as the Finance Ministry stipulated that the advisor should have experience in dealing with government agencies related to cash management, such as departments in government institutions, the Central Bank of Kuwait and the Kuwait Investment Authority.
Cash management plays a viotal role in supporting the smooth implementation of the general budget of governments, even in times of crisis, by developing plans and scenarios, modifying existing spending financing plans in line with economic and financial variables, and utilizing available financial resources in an optimal manner to achieve the public interest.
The public accounting sector’s needs did not stop at a cash management consultant only, but the jobs showed the sector’s need for a new consultant in the field of public accounting, as he will prepare studies and submit proposals related to public accounting and the central exchange in order to improve financial performance, simplify procedures, and contribute to the preparation and review of accounting reports.
