Finance minister responds to Senate’s budget remarks
Al-Anbat - Minister of Finance, Mohammed Al-Ississ, said the state budget reflects the government's policies and procedures within a three-year timeframe.
Responding to the Senate's remarks on the 2021 state budget draft law and the 2021 draft for the budgets of independent public institutions, he said preparation of 2021 budget is in line with the current situation of the national economy, which suffers from "unseen" slowdown in the economic growth, "high" unemployment rate to an "unprecedented" level, which required increasing government spending to stimulate economic activity.
The budget, he said, is mainly aimed at creating the perquisites for the advancement of the national economy and bail it out of the current shrinking, to return to "high" growth rates, and to respond to the pressing economic and social priorities.
The budget also seeks to contribute to addressing the unemployment challenge, all in accordance with the policies and programs of specific and clear government procedures, according to the minister.
The minister added that despite the importance of reviewing the structure of tax revenue, however reduction of indirect taxes is impossible, and simultaneously increasing spending on services, and improving worker, retiree salaries, raising capital spending to improve infrastructure, and reducing the debt deficit to preserve financial stability without achieving high growth rates and increasing government revenues
Responding to the Senate's remarks on the 2021 state budget draft law and the 2021 draft for the budgets of independent public institutions, he said preparation of 2021 budget is in line with the current situation of the national economy, which suffers from "unseen" slowdown in the economic growth, "high" unemployment rate to an "unprecedented" level, which required increasing government spending to stimulate economic activity.
The budget, he said, is mainly aimed at creating the perquisites for the advancement of the national economy and bail it out of the current shrinking, to return to "high" growth rates, and to respond to the pressing economic and social priorities.
The budget also seeks to contribute to addressing the unemployment challenge, all in accordance with the policies and programs of specific and clear government procedures, according to the minister.
The minister added that despite the importance of reviewing the structure of tax revenue, however reduction of indirect taxes is impossible, and simultaneously increasing spending on services, and improving worker, retiree salaries, raising capital spending to improve infrastructure, and reducing the debt deficit to preserve financial stability without achieving high growth rates and increasing government revenues
