News Column

Fiscal options

August 31, 2014

OIL POLITICS, terrorism and war have had an impact on Kuwait's economy and its chaotic domestic politics. The oil producer has once again failed to increase its public expenditure as per budget for the last fiscal year. Kuwait spent KD10 billion ($37.6bn), which was less than half of the $21 billion allocated for state spending, according to preliminary figures from the financial ministry.

Energy subsidies are draining state budget, said Kuwaiti finance minister Anas al Saleh in April, as the country's parliament reviews fuel subsidies in a bid to reform the economy.

With trickling foreign direct investment and street protests demanding greater government accountability as a background, The Euromoney Kuwait Conference on September 9 will offer policy makers to lay their case on the new dynamics shaping the Kuwaiti economy.

Al Saleh, Central Bank of Kuwait governor Mohammad al Hashel as well as leading executives from the state's banking and real estate sectors are set to give an overview of the country's finances.

Kuwait's geopolitical risk profile given its proximity to the ongoing conflict in Iraq and the Levant will also be extensively covered in a panel discussion.

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Source: Gulf, The (Bahrain)

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