Kuwait has seen better progress in terms of national development in the first quarter (Q1) of this year as opposed to the same period in the previous year, according to an official.
The 2017-2018 term remains the best as far as domestic expenditure goes with a spending level of 86 percent, Kuwait’s Secretary General of the Supreme Council for Planning and Development Dr Khaled Mehdi said in a statement on Saturday. “The promising results recorded in Q1 of this year possibly forebode that the 2018/2019 term could eclipse previous years,” he said, citing that total government spending in Q1 hit $159.9 million ($527 billion) in an increase of 3.6 percent from last year.
Mehdi pointed out that 50 percent of development projects have gotten off the ground so far this year, while some 322 obstacles were surmounted in an auspicious start to the year.
Pinpointing the oil industry as the sector with the most impressive performance, he revealed that total spending there spiked by 17.35 percent over the last month. In terms of private development expenditure during Q1, the Kuwaiti official named a biofuel project worth KD 112 million ($369 million) and a KD 5.7 million ($18.8 million) olefins project as examples.
Meanwhile, for the first time ever, nine development projects are currently ahead of schedule in a testament to the tangible progress Kuwait has made towards its national development goals, Mehdi explained. He also mentioned that the healthcare, agriculture and education sectors have also witnessed meteoric growth, in addition to an increase of 33.5 percent in professional development.
Meanwhile, the cost for furnishing and equipping the offices of ministers and undersecretaries within the Ministry Complex buildings amounts to KD 3.95 million, reports Al-Rai quoting informed sources.
They said the State Audit Bureau was informed early this month to study the tender No. 18/2016/2017 concerning this matter, adding that Ministry of Finance sent nine contracts and one tender to the bureau since the beginning of this month, within the framework of ensuring precontrol over contracts worth more than KD 5 million.