Finance Minister: Elevating government financial management is a cornerstone of reform and development
Kuwait - 20 - 9 (KUNA) -- Finance Minister Dr. Yaqoub Al-Rifai affirmed that elevating the government financial management system and enhancing its efficiency and effectiveness constitute a fundamental pillar in the journey of reform and development, reflecting the state's continuous commitment to strengthening the principles of integrity, transparency, and governance, as well as ensuring the optimal use of public resources and the protection of public funds.
He made these remarks in a speech delivered on Sunday at the launch ceremony for the program aimed at enhancing integrity, transparency, and governance in financial performance within government entities, held at the Arab Institute for Planning headquarters and implemented by the Financial Supervisory Authority.
Al-Rifai stated that the role of the Financial Supervisory Authority is central in supporting this system through its supervisory and financial responsibilities, promoting compliance with legislation and regulations, and providing advice and guidance to government entities. These efforts contribute to improving the quality of financial performance, enhancing the efficiency of state resource utilization, and supporting reform and development initiatives.
He explained that the launch of this development plan translates the direction toward continuously improving government performance, investing in national competencies, and keeping pace with changes and developments in financial management and supervision, in line with the objectives and aspirations of the "Kuwait 2035" Vision for a more efficient and effective government administration.
Al-Rifai noted that the success of these efforts requires the integration and synergy of roles among various state agencies and institutions, working with a unified team spirit, based on the belief that improving financial performance is a shared responsibility. He emphasized that the ultimate goal is to enhance the efficiency of state institutions, protect their assets, and support the country's development trajectory.
The Finance Minister expressed his gratitude and appreciation to Neda Al-Suhli, Head of the Financial Supervisory Authority, and all its staff for their dedicated efforts in fulfilling their national responsibilities.
For her part, Al-Suhli stated in her speech that the launch of the program represents one of the Authority's strategic initiatives aimed at transitioning from a concept of procedural oversight to a broader framework focused on capacity building, strengthening prevention, disseminating knowledge, and embedding sound financial practices.
Al-Suhli added that the implementation of the program spans four fiscal years, from April 1, 2026, to March 31, 2030, providing an appropriate timeframe for gradual and sustainable work, measuring results, and developing tools and practices in response to emerging trends in the government work environment.
She clarified that the importance of this program extends beyond the Authority and the entities under its supervision, noting that it is directly linked to the development journey of the State of Kuwait and supports two fundamental pillars of the state's development plan.
Al-Suhli explained that the first pillar, "Effective Government Management," is embodied in the effort to build institutional capabilities characterized by efficiency, governance, integrity, and transparency in the management of public funds.
She noted that the second pillar, "Creative Human Capital," involves investing in people as the fundamental pillar of any sustainable institutional development, by qualifying government financial cadres and enabling them to keep pace with recent developments in financial management, supervision, and governance.
Al-Suhli mentioned that the program is linked to the concept of the knowledge economy by enhancing specialized financial knowledge, leveraging best practices, and utilizing financial and technical analysis tools. This contributes to supporting the quality of financial decision-making, improving the efficiency of public spending, and strengthening the prerequisites for sustainable development within the framework of the "Kuwait 2035" Vision.
She highlighted that since its establishment, the Authority has achieved significant milestones in protecting public funds, including pre-emptive and preventive supervision exercised by financial supervisors to prevent and correct erroneous financial procedures before their execution. This has contributed to preserving approximately 1.5 billion Kuwaiti dinars (approximately 4.8 billion US dollars) in public funds.
Al-Suhli added that this achievement is not merely a figure but embodies the value of preventive supervision and its role in supporting a fundamental national and development goal: enhancing the efficiency of public spending and achieving the optimal use of public resources.
She clarified that the Authority's role does not stop at identifying observations or correcting financial procedures but extends to contributing to building a more efficient, aware, and compliant government financial environment, as well as supporting government entities with advice and expertise that enable them to address the root causes of errors and observations and elevate their financial practices.
Al-Suhli expressed her gratitude and appreciation to the Finance Minister, government entities, and the staff of the Financial Supervisory Authority for their support and assistance. She also expressed her hope for the continuation of cooperation and engagement with the program.
Abdulrahman Al-Hadeeb, Project Manager of the "Program to Enhance Integrity, Transparency, and Governance in Financial Performance in Government Entities," stated in his speech that the program was designed with clear quantitative and qualitative objectives, enabling the transition from planning to execution, measurement, and performance development based on actual results.
Al-Hadeeb added that the program aims annually to enhance the efficiency and capabilities of 400 financial employees from various government entities by implementing 20 specialized practical workshops in financial and supervisory fields, in addition to providing consultancy services for the development of five pieces of legislation annually to strengthen integrity, transparency, and governance in government financial performance.
He explained that the program relies on practically measuring the impact of the workshops by targeting an improvement of at least 30 percent in the results of financial performance evaluations of employees compared to pre-participation evaluation results. He noted that the workshops serve as a means to create tangible and measurable development in knowledge, skills, and practice.
Al-Hadeeb mentioned that the first-year plan (2026-2027) includes 20 specialized workshops covering topics such as addressing observations and objections noted in the Authority's reports, procurement committee activities, practices and tenders, and financial and government accounting.
He added that other topics covered by the specialized workshops include artificial intelligence and its applications in accounting, auditing, internal review, risk management, budget preparation, monitoring government contracts, financial investigation, anti-corruption, and anti-money laundering, among other related subjects.
Al-Hadeeb pointed out that impact measurement and sustainability are fundamental aspects of the program. The level of improvement will be monitored after the implementation of the workshops, participants' feedback will be analyzed, and evaluation results will be utilized to continuously develop workshop content in line with legislative and technical updates and the evolution of financial management and supervisory methods.
He stated that through this program, the goal is to enhance financial performance efficiency in government entities, strengthen governance and compliance with financial regulations, and build qualified national cadres capable of applying best practices. This supports transparency and financial discipline, contributes to improving the efficiency of public spending, and enhances the business and investment environment.
Al-Hadeeb expressed his hope that this program will represent an advanced practical step toward enhancing financial knowledge, embedding governance, supporting compliance and transparency, and building qualified national capabilities that efficiently contribute to developing the government financial management system and supporting the country's development journey. (End) M.A. / H.T. / N.W.F.
