(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, Sept 30 (KUNA) -- The recent Global Competitiveness Report 2017-2018, published by World Economic Forum (WEF), showed a significant positive change in the financial pillars of Kuwait, Finance Ministry said Saturday.
The major improvement in the report's financial pillars reflects the preliminary achievements of the Kuwaiti government's reformation program throughout 2017, Abdulmohsen Al-Tayar, the ministry's spokesman, said in a statement.
Despite the country's fall back in WEF's report, there are, somehow, notable positive developments in the pillars' indexes, particularly in government spending and regulation of securities exchanges, added Al-Tayar.
According to the pillars indexes, Kuwait's ranks improved to 59 from 90 in the efficiency of government spending, 62 from 75 in the regulation of securities exchanges, 90 from 108 in burden of government regulation, and 54 from 57 in the diversion of public funds, he noted.
The ministry has been exerting efforts for over a year to improve Kuwait's financial ranks, he said, adding that these efforts led to important positive changes on the ground as seen in WEF's report.
Such improvements mark the beginning of the reformation march, Al-Tayar said, affirming the ministry's determination to continue moving forward towards development. (end) aam.ma