Minister of Finance Anas Al-Saleh said Monday that the government would execute the previously approved projects of the state development plan despite the current deterioration of oil prices and its impact on the state budget.
Speaking at the Kuwait forum for small and medium enterprises, Al-Saleh believed that going ahead with the development projects would help revive the economy and create more jobs.
In the meantime, the minister said that the government would take measures to address the expected budget deficit caused by the tumble of the oil prices.
He noted that these measures include expanding partnership between the public and private sectors as well as using some of the foreign reserves and commercial borrowing tools.
Al-Saleh said that the slump of oil prices provides a chance for introducing long overdue economic and legislative reforms to deal with the imbalances.
He stated that the most expected hypothetical price of oil in the upcoming state budget would be in the range of USD 60 per barrel.
He disclosed that the Supreme Council of Planning is studying a draft law to increase electricity price as a prelude to refer it to the National Assembly for deliberation and approval.