Quotes: 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 4 2015 - UAE says to invest $35 bln in clean energy by 2021AFP
(MENAFN - AFP) The gas-rich United Arab Emirates will invest $35 billion in clean energy by 2021 as it seeks to reduce its dependence on fossil fuels following crude's global price slide, it said ...

 Oct 4 2015 - Qatar's Central Bank governor cuts hopes of rate hikeMENAFN
(MENAFN) Qatar's central bank governor sought to cut expectations for rising interest rates after a jump in local bill yields suggested liquidity in the Qatari banking system was beginning to ...

 Oct 4 2015 - Jordan- UAE delegation visits the Mrajeeb Al Fhood campJordan News Agency
(MENAFN - Jordan News Agency) A delegation from the UAE Ministry of Development and International Cooperation visited on Friday the Mrajeeb Al Fhood camp for Syrian refugees to check on services ...

 Oct 4 2015 - Russian airstrikes in Syria will strengthen Daesh, ObamaJordan News Agency
(MENAFN - Jordan News Agency) US President Barack Obama said on Friday that Russia's airstrikes in Syrian that started last Wednesday, will ultimately empower Daesh terrorist group.Speaking from the ...

 Oct 4 2015 - Jordan- Border guards receive 209 new Syrian refugeesJordan News Agency
(MENAFN - Jordan News Agency) A total of 209 Syrian refugees from various age groups, entered the Kingdom through various crossing points during the last 72 hours, according to a military source on ...

 Oct 4 2015 - Israeli forces kill Palestinian young man in JerusalemJordan News Agency
(MENAFN - Jordan News Agency) Israeli occupation forces Sunday morning shot dead a Palestinian teen near Damascus Gate in occupied Jerusalem.Eyewitnesses said that Israeli forces opened fired on 19 ...

 Oct 4 2015 - Israel prevents Palestinians from entering JerusalemJordan News Agency
(MENAFN - Jordan News Agency) Israeli occupation police on Sunday banned Palestinians from entering the old city in East Jerusalem for two days, after two attacks against Israelis occurred in less ...

 Oct 4 2015 - First Gulf offers start-up financeThe Arabian Post
(MENAFN - The Arabian Post) FGB claims to be the first bank in the UAE to offer a one-stop financing solution to start-ups. The bank's new 'Startup Proposition' offers new businesses a range of ...

 Oct 4 2015 - Dubai Holding net up 24% to AED2.6bThe Arabian Post
(MENAFN - The Arabian Post) Dubai Holding Commercial Operations Group (DHCOG) announced a net profit of AED 2.6 billion for the first half of this year ending 30th June 2015, an increase of 24 ...

 Oct 4 2015 - Qatar to improve rank in Competitiveness Index-QBAThe Peninsula
(MENAFN - The Peninsula) Sheikh Faisal bin Qassim Al Thani, the Chairman of the Qatari Businessmen Association (QBA) in press conference said that Qatar's economy is moving in the right direction and ...






Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help