(MENAFN- Kuwait News Agency (KUNA)) Minister of Finance Anas Al-Saleh said here on Saturday the current drop in global oil prices would not impact state budget-enrolled development projects.
Speaking at a news conference following the joint meeting of the Financial and Economic Cooperation Committee at the level of GCC ministers of finance and economic and GCC Committee of Governors of Monetary Agencies and Central Banks, the minister said the 25 percent fall in oil prices over the last couple of months would have an impact on the State public finance.
Should the current level of the oil price continue, there would be economic reforms, rather than economic measures, the minister said, adding that a long-term strategy would be set out in order to put the national economy back on track.
For her part, Director-General of the International Monetary Fund (IMF) Christine Lagarde told the news conference that the GCC member states are agreed on necessary financial structural reforms to ensure public welfare.
She said, over the last couple of months, oil price fluctuations increased by 25 percent, thus raising more concerns about the GCC member states' general financial conditions in spite of their financial margins.
But, she urged the GCC countries to adopt hedging policies by means of stepping up economic and financial policies through controlling the conditions of annual public budgets and improving governance.
Lagard stressed the significance of encouraging the private sector to boost its internal and external competitive edge.
She also called for utilizing human resources, especially young people, strengthening the educational system and providing adequate funding to educational development.
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