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Kuwait Audit Bureau spares treasury $264 million spending

KUWAIT: Kuwait Audit Bureau’s examination of planned expenditures spared the treasury (unnecessary) spending estimated at KD 80 million ($264 million) in the current fiscal year. Fatma Al-Fahad, auditor at the pre-supervision department for economic affairs at the diwan, said in a press statement yesterday that the spared sum was double the savings achieved in the previous financial year.

She indicated that the bureau stopped (unnecessary) spending of KD 80 million ($264) in the current fiscal year against KD 36 million ($118 million) in the previous identical year, 122 percent higher, also noting that the personnel assigned for the task focused on cancelling or trimming amounts of products and prices, according to the diwan studies. Totally, the bureau examined 2,850 proposed transactions worth KD 3.4 billion ($11.2 billion) for the fiscal year 2019-2020. – KUNA

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