Sovereign funds and the Financial Transparency Charter (1)

The controversy over the real position of the state’s financial position sparked a difference in positions between the parties concerned in this matter, due to the lack of full transparency of the financial data and the extent of their reliability, which was negatively reflected in finding effective solutions to address imbalances in the state’s general budget

The State’s Public Financial Administration has presented many initiatives to rationalize spending in the budget and reduce expenditures, but the challenges facing public financial management have not been able to do so, due to the depth of structural imbalances in the state’s public finances. It has estimated the country’s liquidity needs during the next five years to reach between 45-60 billion dinars, according to reports issued in this regard

Until this moment, the decisions related to addressing the public budget deficit have not been resolved, whether it is the public debt law or the use of reserves for future generations, due to the existence of a crisis of confidence between the relevant parties

he Public Financial Department considers addressing the issue of financial sustainability by its national program for economic and financial sustainability, which is to enhance the efficiency of government administration through several initiatives, including the governance of implementing financial reform, and the development of integrity and transparency of government administration

The aspiration of the state’s public financial management in the context of the global trend comes with a marked attention to the need to adopt the principles of governance and international accounting standards in recent years, to enhance confidence in the financial statements issued by public sector institutions, and its role in improving the quality of those data, especially in light of the urgent need for them To improve economic and financial decision-making, which is considered one of the basic data for those decisions, whether at the level of the public or private sector

As for public opinion, which is the main partner in the reform process, the matter requires disclosure to it of complete data on the state’s financial activities, whether within or outside the state’s general budget, and about the most important risks that it may encounter, especially in light of the Right to Access Information Act. That was recently approved by the National Assembly, and this law comes in the context of strengthening public oversight and accountability

Since we are talking here about activities that are outside the state’s general budget, and specifically investment activities related to sovereign funds, the management of such investments must have a clear and transparent strategy, provided that this strategy includes identifying potential risks, types of investments and their components, how to manage them and the cost of managing them. To achieve financial sustainability for both present and future generations

In general, these financial statements should be subject to the follow-up of independent oversight agencies, and perhaps the most important of these auditing bodies in the country is The State Audit Bureau, which is affiliated with the legislative KIA represented by the National Assembly, where the Bureau provides the Council with annual periodic reports as well as on-demand, and the Bureau aims from this Follow-up Verify the quality and reliability of the financial statements issued by the State’s Public Financial Administration

To enhance confidence in the data of the state’s public finances, the public finance department is required to adopt the principles of governance and to improve the level of transparency of public finances on a voluntary basis to gain the confidence of the public opinion, and there are many countries that voluntarily took the initiative to achieve this, and we must not overlook that such initiatives enhance the state’s financial standing. In front of international financial institutions, including financial rating institutions

I hope that there will be transparency of the financial data through the National Program for Economic and Financial Sustainability contents. This program comes in the context of adopting and implementing the state’s public financial management principles of governance and transparency, in accordance to some extent with the proposal of some representatives related to the request to amend the General Investment (KIA) Law. No. (47) for the year 1982 with the commitment of the (KIA) to publish and issue annual periodic reports on the performance of the KIA’s business and the management of sovereign investment funds and investment funds affiliated to it or in the Official Gazette. And on the KIA’s website

نُشر بواسطة bader alhammad

من مواليد الكويت عام 1964 ، حاصل على الاجازة الجامعية في تخصص المحاسبة عام 1988 بتقدير جيد جدا . بدء عمله في ذات العام بوظيفة محاسب بوزارة المالية وتدرج في المناصب الاشرافية كرئيس قسم التوجيه المحاسبي ثم مراقب مالي ثم مديرا لإدارة الرقابة المالية الى ان صدر به مرسوم اميري عام 2013 بتعينه وكيل مساعد بوزارة المالية حيث شغل منصب الوكيل المساعد لشئون الرقابة المالية . ثم عين بمرسوم اميري رئيسا لقطاع الرقابة المالية بجهاز المراقبين الماليين عند انشاءه في عام 2015 حيث شغل منصب رئيس قطاع الرقابة المالية للهيئات الملحقة والمؤسسات المستقلة خلال الفترة من عام 2016 حتى عام 2018، ومن ثم شغل منصب رئيس قطاع الرقابة المالية للوزارات والإدارات الحكومية في أكتوبر 2018 ، وبالإضافة الى عملة كلف بمنصب نائب رئيس الجهاز بالوكالة في نهاية ديسمبر 2018 حتى نوفمبر 2019.، وحاليا كاتب رأي ومتخصص في شئون المالية العامة في صحيفة الانباء الكويتية. كما شغل العديد من المناصب الأخرى محليا وخارجيا فكان عضو مجلس إدارة بنك الائتمان الكويتي، وعضو مجلس المدراء التنفيذيين للبنك الإسلامي للتنمية IDB و مجلس المديرين التنفيذيين لصندوق التضامن الاسلامي ISFD و مجلس المديرين التنفيذيين للمؤسسة الاسلامية لتامين الاستثمار وائتمان الصادرات ICIEC . هذا وقد شارك في العديد من اللجان منها الإدارية والفنية ولجان تقصي الحقائق و التحقيق محليا وخارجيا ، وله العديد من الآراء والاجتهادات الفنية التي اثرى بها العمل في مجال الرقابة المالية باعتباره احد مؤسسي نظام الرقابة المالية المسبقة بدولة الكويت ، وقد اصدر له جهاز المراقبين الماليين كتابه الأول في عام 2017 بعنوان ( بعض المسائل الفنية في قضايا الرقابة المالية ).

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