AFP OCTOBER 1, 2013 IMF urges Kuwait to contain spending, speed up reform The International Monetary Fund has urged oil-rich Kuwait to contain public spending, which has trebled in seven years, to avoid risks from a drop in crude prices. The IMF also urged the Gulf state to speed up structural reforms, put back on track a $110 billion development plan that is lagging behind schedule and cut public subsidies. "Reflecting the recent sharp increases in current expenditures and relatively small non-oil revenues, government expenditure in the baseline would exceed oil revenues by 2017/18, thus increasing the fiscal risk from a sustained drop in oil prices," said a report released late Monday. https://now.mmedia.me/lb/en/gulfnews/imf-urges-kuwait-to-contain-spending-speed-up-reform
Posted on: Tue, 01 Oct 2013 22:46:55 +0000
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