ALRAQABA . ISSUE 18 41 - The expiry of Decree-Law No. 50/1987 and its amendments concerning the authorization of the government to sign public loans, while failing to pass a new law allowing borrowings. This is attributed to the legislative authority feeling that the government lacks serious intentions to launch economic and financial reforms. Another reason would be that the government has failed to settle on a consensual formula for a law that would not burden the State with further financial obligations. It has also failed to manage the public debt in a technical way. After all, in order for the State to resort to borrowing, it should first pass a law regulating this practice. It is worth mentioning that the National Assembly, the legislative authority in Kuwait, has assigned the State Audit Bureau (SAB), through an official letter (Ref. KNAO- 2017 -5493), to prepare a sixmonth periodic report on the follow-up of the issuance of government bonds. This assignment came out of the parliament’s commitment to full its oversight mandates. SAB’s Role in the Audit of Public Debt SAB exercises its audit functions under its Establishment Law No. 30/1964 and its amendments and in accordance with the powers mandated by the law, particularly Article (25) stipulating that “SAB shall audit and review every account or other work entrusted to SAB by the National Assembly or the Council of Ministers.” Accordingly, SAB undertook its role of auditing public debts as mandated by the law and within the entrusted thematic and time scope, including all issues that SAB believes to be beneficial and add to the topic to be inspected. The following reflect the role of SAB in this respect: Article Feature
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