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FINANCIAL NEWS
Kuwait political raw threatens to hinder economic development plan
14 Jun 2012
(MENAFN) Kuwait is witnessing a political raw between the parliament and government, threatening to hinder the Gulf nation’s USD107 billion development plan, Reuters reported.
The infighting between the two sides has forced the resignation of two cabinet ministers in less than a month and threatens to draw in more of their cabinet colleagues.
The development plan aims to attract private investment for huge infrastructure projects and help diversifying the oil-rich state’s economy.
The larger multi-billion-dollar projects include a new airport terminal and oil refinery.
In May, the International Monetary Fund (IMF) said that Kuwait’s development plan timetable is at risk unless the government and parliament agree on an agenda which improves the investment climate.
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