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

Contain wages subsidies: IMF  Join our daily free Newsletter

MENAFN - Arab Times - 07/05/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab Times) 160;kuwait city may 6 (afp): the international monetary fund (imf) on tuesday called on opec member kuwait to contain a rapid rise in public wages and subsidies to safeguard the economy against oil price shocks. 'the fiscal position is strong. however a sustained drop in oil prices could deplete fiscal surpluses and adversely affect long-term fiscal sustainability' said a statement released by an imf mission after a three-day visit to the gulf state. 'measures to contain current expenditures particularly wages and subsidies and continued heavy dependence on oil revenues are required to mitigate risks to the economy from downward oil price shocks' it said. the imf said general subsidies particularly on electricity and fuel constitute a massive 7.0 percent of gross domestic product and as high as a quarter of spending which was around 70 billion last fiscal year. it said kuwait's current economic outlook is positive and non-oil gdp growth is forecast to accelerate from 2.7 percent in 2013 to 3.9 percent this year backed by government investment in infrastructure and large oil projects. 'however protracted political uncertainty could affect overall business confidence and the investment climate and result in lower non-oil growth than projected' the imf warned. public spending rose from 24.4 billion to 68.2 billion from 2005 to 2013 during which government wages rose from 6.7 billion to 17 billion according to official figures. in the same period oil income which makes up around 95 percent of public revenues rose from 45.9 billion to 106 billion. kuwait has boasted a budget surplus in each of the past 14 fiscal years helping its sovereign wealth fund to increase to over 400 billion.


 






  MENA News Headlines
 Aug 31 2014 - Gulf Air annual loss down 52 percent in H1MENAFN
(MENAFN) Bahraini Gulf Air announced a 52 percent decrease in annual losses and a financial performance that exceeded the airline's restructuring target by USD38.4 million, Arabian Business ...

 Aug 31 2014 - Omani SQP turns into tourist hubMENAFN
(MENAFN) The Sultanate of Oman began working on turning Sultan Qaboos Port into a tourist hub by transferring most commercial cargo activities from the Muscat-based port to Sohar, Times of Oman ...

 Aug 31 2014 - Qatar's New Port to start operations in 2016MENAFN
(MENAFN) The first phase of the New Port Project, which is set to cost USD7.4 billion, is set to be operational by the end of 2016, The Peninsula Qatar reported.The new port's initial capacity is ...

 Aug 31 2014 - BLZ, Logistics Village Management sign a dealMENAFN
(MENAFN) The Bahrain Logistics Zone (BLZ) signed a tenancy agreement with Logistics Village Management, a leading developer of warehouses and logistics facilities, Gulf Daily News reported.The BLZ ...

 Aug 31 2014 - Pakistan - So much for revolutionArab News
(MENAFN - Arab News) I fail to understand as to what Imran Khan and Tahirul Qadri are up to. It amuses me the way they are calling for a 'revolution.' Revolutions are not imposed on a nation. It ...

 Aug 31 2014 - Rebuilding Gaza will take 20 yearsArab News
(MENAFN - Arab News) JERUSALEM: An international organization involved in assessing post-conflict reconstruction says it will take 20 years for Gaza's battered and neglected housing stock to be ...

 Aug 31 2014 - Yemen clash kills 4 troops 13 'militants'Arab News
(MENAFN - Arab News) SANAA/ADEN: Clashes in Yemen between the army and militants killed at least 13 suspected militants and four troops Saturday military officials said.The officials said the ...

 Aug 31 2014 - New US sanctions inconsistent with nuclear talks says IranArab News
(MENAFN - Arab News) TEHRAN/DUBAI: Iran accused the US of duplicity Saturday for imposing new sanctions on organizations linked to Tehran's nuclear program despite long-running but active ...

 Aug 31 2014 - Rebels attack Golan peacekeepersArab News
(MENAFN - Arab News) BEIRUT: Clashes erupted between Syrian rebels and UN peacekeepers in the Golan Heights on Saturday after the militants surrounded their encampment activists and officials said as ...

 Aug 31 2014 - World's first digital currency from Ecuador central bankArab News
(MENAFN - Arab News) QUITO: Ecuador is planning to create what it calls the world's first digital currency issued by a central bank which some analysts believe could be a first step toward abandoning ...

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