Budgets And Final Accounts Committee Discussed General Framework Of Budgets

The Budgets and Final Accounts Committee discussed the general framework of budgets for ministries and government departments for fiscal 2017/2018 in the presence of Deputy Premier and Finance Minister Anas Al-Saleh.

Committee Chairman MP Adnan AbdulSamad disclosed the Finance Ministry has yet to complete the draft law on the budget for the new financial year so it will just present the first draft to the committee. He said the ministry is preparing the projected expenditures for three years instead of one year to have a more accurate estimate of State revenues, in addition to the expenditures ceiling and deficit taking into account the annual increase in expenses such as salaries, subsidies and others.

On the draft budget for fiscal 2017/2018, AbdulSamad said the Finance Ministry, in coordination with the concerned authorities, is still studying the recent developments in the global oil market in order to come up with the estimated price of oil per barrel in the general State budget. He pointed out there has been an indication of improvement in oil prices, especially after OPEC decided to reduce oil production in a bid to raise oil prices in the world market. He added the estimated price of oil in the new budget may increase to more than $35, considering the positive developments in terms of the US dollar exchange rates.

SOURCE : ARABTIMES

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