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FINANCIAL NEWS
Kuwait to implement approved projects despite oil prices drop
16 Dec 2014
(MENAFN) The Kuwaiti Ministry of Finance said that the government will continue executing the previously approved projects of the state development plan despite the current fall in oil prices and its impact on the state budget, KUNA reported.
The ministry said that continuing with these development projects is expected to result in helping with the revival of the economy and create more jobs, which will assist the government as it begins taking measures to address any possible budget deficit caused the plummeting prices of oil.
These measures are expected to include expanding partnership between the public and private sectors as well as using some of the foreign reserves and commercial borrowing tools, as well as considering introducing a number of economic and legislative reforms
“Currently our most expected hypothetical price of oil in the upcoming state budget would be in the range of USD 60 per barrel” The Supreme Council of Planning is studying a draft law to increase electricity price as a prelude to refer it to the National Assembly for deliberation and approval,” The Kuwaiti Minister of Finance said.
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