Latest News
- No Transactions Without Biometrics
- Passenger Caught With Pure Cocaine From Europe
- The Elderly Man Was Not Insulted By Me
- 97% Of MEW Workforce Are Kuwaitis; Strength 34,417
- Rushing Home For 'iftar' Causes Accidents And Deaths
- Expect Hot Days, Cool Nights, And Thunderstorms In Kuwait
- Health Procedures For Expatriates Updated
- Kuwait's Agility Global Seeks Inclusion On Abu Dhabi's ADX
- Public Authority For Industry Completes Industry Law Amendment P...
- Indian Ambassador Hosts Ramadan Celebration In Kuwait
- Al-Mashaan Grants Authority For Transfers Of Municipal Departmen...
- For The Expansion Of The Subiya Site, 204.178 Million Dinars And...
Finance Minister Predicts Budget Deficit Of Kd 22 Bln For Next 3 Years
Kuwait's state budget is expected to have a deficit of around KD 22 billion for the next three years as a result of plummeting oil prices, Deputy Premier and Finance Minister Anas Al-Saleh said on Tuesday.
In a speech during a national conference on priorities, Al-Saleh, who is also Acting Oil Minister, said that that the government is hard at work to implement a long-term economic vision that aims to diversify the country's sources of revenue.
Public expenditure has risen to unprecedented levels, reaching KD 21.4 billion for the 2014-2015 fiscal year, Al-Saleh said, adding that the expenditure had never previously exceeded KD 4 billion. Moreover, the Finance Minister said that the government aims to introduce financial and economic reforms that would help diversify the country's sources of income, which would, in turn, ensure economic stability.
All signs indicate that oil prices are on their way downwards, Al-Saleh noted, saying that "we should all learn to cope with dwindling oil prices for the immediate future."
Meanwhile, the Acting Oil Minister predicted that Kuwait's state budget for the fiscal year 2016-2017 is expected to sustain a deficit of KD 12.2 billion. "An increase in deficit puts us at risk, particularly, it creates mounting debt," Al-Saleh noted.
In his speech, Minister of Information and Minister of State for Youth Affairs Sheikh Salman Sabah Salem Al-Humoud Al-Sabah said that "the Ministry of Information, bearing the nation's best interest in mind, has implemented a series of new initiatives."Â He also underscored the importance of media, saying that it has now become an indispensable tool for society.
New measures have been taken to focus on development projects and availability of fundamental necessities such as education and healthcare, Sheikh Salman noted.
"It is imperative to protect society from all ills," he added.
Â
SOURCE : IIK
Trending News
-
MoI Urges Biometric Fingerprinting Compliance Ahea...
21 March 2024
-
5 Days Holiday For Eid Al-Fitr Begins On April 9th
25 March 2024
-
Over 120,000 Expat Offenders Will Benefit From Kuw...
14 March 2024
-
Kuwait Offering Amnesty To Illegal Expats
17 March 2024
-
From April 1 To July 1, Kuwait Grants Amnesty To V...
14 March 2024
-
Kuwaiti Banks Elevate Non-Resident Credit To 4.17...
18 March 2024
-
Central Bank Of Kuwait Provides Banks With New Ba...
20 March 2024
-
Banks In Kuwait Report Robust Profits Despite The...
21 March 2024
-
Kuwait's Clean Energy Journey: Progress And Challe...
23 March 2024
-
Driving Licenses With Smart Technology
25 March 2024
Comments Post Comment