The Ministry of Finance said it would apply the Public Expenditure and Financial Accountability (PEFA) Program in order to improve governmental spending.
The project is part of joint cooperation agreements between the Kuwaiti Government and the World Bank and mainly aims to conduct an objective and all-out assessment of public financial performance, Undersecretary of the Ministry of Finance Khalifa Hamada said in a statement on Tuesday.
The application of the PEFA Program would help in determining the weak points of public performance and enabling the http://www.businesstoday.me/wp-content/uploads/2022/12/sample10.jpgistration to set out systemic blueprints that could develop the efficiency of use of financial resources and establish the principles of government, transparency and financial accountability, he said.
He listed six main dimensions of the PEFA program as measuring budget credibility and reality, assessing budget components and data transparency, considering governmental goals and policies while working out public budget, monitoring budget implementation, ensuring efficiency of accounting systems and assessing public fund control, checking and auditing efficiency.
The State of Kuwait, represented by the Ministry of Finance, had the lead on the regional level to adopt the PEFA program by means of including it in the 2010/2011-2013-2014 development plan, the official pointed out.
The program matches the country’s economic reforms aiming to cut public expenditure and adopts transparency in controlling public spending, adjusting current spending growth rates and boosting investment spending levels, Hamada added.
The Public Expenditure and Financial Accountability (PEFA) Program was founded in 2001 as a multi-donor partnership between seven donor agencies and international financial institutions to assess the condition of country public expenditure, procurement and financial accountability systems and develop a practical sequence for reform and capacity-building actions. A Steering Committee comprising these agencies manages the Program, while the Secretariat implements the PEFA activities.
The goals of the PEFA Program are to strengthen recipient and donor ability to assess the condition of country public expenditure, procurement and financial accountability systems, and develop a practical sequence of reform and capacity-building action.
Source : KUNA Kuwait News agency
