Arab Today, arab today kuwait plans 155bn projects despite oil slump
Last Updated : GMT 10:54:04
Arab Today, arab today
Arab Today, arab today

5-year development plan starting in 2015

Kuwait plans $155bn projects despite oil slump

Arab Today, arab today

Arab Today, arab today Kuwait plans $155bn projects despite oil slump

Kuwaiti traders follow the market's movement at the Stock Exchange in Kuwait
Kuwait City - Arab Today

Kuwait's government on Sunday announced plans to spend 45.5 billion dinars ($155 billion) on projects over the next five years despite the plunge in world oil prices, a lawmaker said.
The spending is slated to cover 523 key projects in a five-year development plan starting in the fiscal year which begins on April 1, said parliament's financial and economic affairs committee secretary, Mohammad al-Jabri.
He said the oil-rich Gulf country's state minister for planning and development, Hind al-Sabeeh, discussed the draft development plan with his panel.
The committee was assured that the sharp drop in oil revenues would not affect the projects of Kuwait, which has a massive sovereign wealth fund and invested billions of dollars in a "future generations fund".
Oil revenues in the new budget from April will be calculated on the basis of $45 a barrel, down from $75 a barrel in the current fiscal year, Jabri said.
The price of Kuwaiti oil closed on $43.21 a barrel on Friday, compared to a price of over $110 a barrel in June 2014. Oil income makes up around 94 percent of public revenues in Kuwait.
The government has vowed to cut current spending, especially subsidies, which constitutes over 85 percent of total expenditures but insisted it will not reduce capital spending on projects.
The OPEC member has posted a budget surplus in each of the past 15 fiscal years and is expected to post a surplus in the current year ending March 31.
But officials and lawmakers warned that an actual deficit is expected in the next fiscal year unless oil prices rise.
The emirate has scrapped subsidies on diesel, kerosene and aviation fuel as a first step in revising heavily-subsidised electricity, water and petrol.
Local media said Kuwait's fiscal reserves grew to $548 billion as of June 30.
The emirate has a native population of 1.25 million and is also home to about 2.8 million foreigners.
Source: AFP

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today kuwait plans 155bn projects despite oil slump Arab Today, arab today kuwait plans 155bn projects despite oil slump

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today kuwait plans 155bn projects despite oil slump Arab Today, arab today kuwait plans 155bn projects despite oil slump

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Barcelona through George Orwell’s eyes

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Residents get glimpse of Raqa in ruins

GMT 07:10 2017 Saturday ,21 October

Residents get glimpse of Raqa in ruins
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 09:56 2017 Friday ,20 October

Privacy Groups Warn of Perils

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday