Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait budget spending up, but below initial plan   Join our daily free Newsletter

MENAFN - Arab Times - 11/03/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab Times) Kuwait's government spending rose 8 percent in the first 10 months of this fiscal year compared with the same period the previous year but is still far below its initial plan, preliminary finance ministry figures showed. The major oil exporter's public expenditure reached 10.58 billion dinars (37.6 billion) in the April-January period, up from 9.78 billion dinars a year ago but little over half of its spending plan of 21 billion dinars for the fiscal year ending in March. The OPEC member has been undershooting its budget plans as political wrangling delays budget approvals in parliament and investment spending. That together with high oil prices has helped the Gulf Arab state build large fiscal buffers. But economists say it needs to control public wage growth and other non-investment spending in order to keep posting budget surpluses into the next decade



The International Monetary Fund warned in December that it will be important for Kuwait to restrain the rising public sector wage bill and subsidies because any sustained period of low oil prices could reduce its budget surpluses. In October, the prime minister described the country's welfare system as unsustainable. Kuwait, which relies on oil for around 94 percent of its income, provides a generous cradle-to-grave welfare system for its citizens. Senior government officials have talked more frequently about the risk to Kuwait's budget surplus. But it is unclear whether the cabinet will be able to push through unpopular economic reforms such as reducing subsidies or halting wage growth



State revenue was 26.63 billion dinars in the April-January period, slightly below 27.00 billion in the same period last year but well above a conservative full-year plan of 18.10 billion dinars. Oil income stood at 24.76 billion dinars. That put the fiscal surplus for the 10 months at 16.05 billion dinars, or 31.3 percent of the country's 2012 gross domestic product, according to a Reuters calculation based on the latest official data. Kuwait pencilled in a deficit of 2.91 billion dinars in its 2013/14 plan. A Reuters poll in January showed analysts forecast a fiscal surplus of 23.5 percent of GDP for 2013/14 and 20.7 percent for the next fiscal year. Kuwait pledged 4 billion in aid to Egypt after the overthrow of Islamist Egyptian President Mohamed Mursi in July, and quickly began disbursing that aid. It was not clear whether the latest data reflected that cost




 


Arab Times




  MENA News Headlines
 Oct 21 2014 - Kuwait Stock Exchange Closes on Red NoteQatar News Agency
(MENAFN - QNA) Kuwait Stock Exchange (KSE) ended Tuesday's trading session in the red zone as weighted index read 482.16 (-2.45 points), KSX 15 index at 1,175.79 (-7.15 points) and the price index ...

 Oct 21 2014 - Qatar- Transport Minister Leaves for EgyptQatar News Agency
(MENAFN - QNA) HE Minister of Transport Jassim Saif Al Sulaiti left Doha Tuesday heading to Egypt to preside over the 27th session of the Arab transport ministers' meeting, which will be held at the ...

 Oct 21 2014 - Qatar- HH the Emir Ratifies Agreement with ArgentineQatar News Agency
(MENAFN - QNA) HH the Emir Sheikh Tamim bin Hamad Al-Thani issued Tuesday Decree No. 44 of 2014 ratifying an agreement establishing a joint commercial ministerial committee between the government of ...

 Oct 21 2014 - Qatar- HH the Emir Meets Turkish Interior MinisterQatar News Agency
(MENAFN - QNA) HH the Emir Sheikh Tamim bin Hamad Al-Thani met here Tuesday morning in his Emiri Diwan office with Turkish Interior Minister Avkan Alaa and his accompanying delegation on the ...

 Oct 21 2014 - Qatar- Attorney General Meets French Education MinisterQatar News Agency
(MENAFN - QNA) HE the Attorney General Dr Ali bin Fetais Al Marri met here today with French Education Minister Najat Vallaud-Belkacem. During the meeting they discussed ways to strengthen and ...

 Oct 21 2014 - Qatar- HH the Emir Ratifies Education MoU with CyprusQatar News Agency
(MENAFN - QNA) HH the Emir Sheikh Tamim bin Hamad Al-Thani issued Tuesday Decree No. 45 of 2014 ratifying a Memorandum of Understanding in the field of education between the governments of the State ...

 Oct 21 2014 - Qatar- HH the Emir Ratifies Cooperation Agreement with MoroccoQatar News Agency
(MENAFN - QNA) HH the Emir Sheikh Tamim bin Hamad Al-Thani issued Tuesday Decree No. 46 of 2014 ratifying a cooperation agreement between the governments of the State of Qatar and the Kingdom of ...

 Oct 21 2014 - Qatar- HH the Emir Appoints Ambassador to Azerbaijan /Local Press/Qatar News Agency
(MENAFN - QNA) HH the Emir Sheikh Tamim bin Hamad Al-Thani on Tuesday issued Emiri Decision No. 80 of 2014 appointing Sayar Abdulrahman Jassim Al Mauda as Ambassador Extraordinary and ...

 Oct 21 2014 - Qatar- Real Estate Transactions Worth over QR655 Million Last WeekQatar News Agency
(MENAFN - QNA) Real estate transactions between October 12 and 16 for the real estate sales contracts registered at the Ministry of justice are worth QR655,303,640, the real estate registration ...

 Oct 21 2014 - Qatar- Plastic, Printing and Packaging Expo Opens SundayQatar News Agency
(MENAFN - QNA) Qatar Plastic, Printing and Packaging (QPPP) exhibition opens at the Qatar National Convention Centre (QNCC) October 26. The three-day expo will showcase manufacturing processes, ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help