Arab Today, arab today kuwait urges gulf reforms
Last Updated : GMT 08:27:29
Arab Today, arab today
Arab Today, arab today

As oil prices fall

Kuwait urges Gulf reforms

Arab Today, arab today

Arab Today, arab today Kuwait urges Gulf reforms

Kuwait has 3.2m bpd production capacity
Kuwait City - Arab Today

Kuwait's oil minister on Saturday called for economic reforms by energy-dependent Gulf states to cope with a drop in oil prices that has hurt their public finances.
Anas al-Saleh urged steps to tackle rising public spending, mainly on wages and subsidies, as well as efforts to boost the role of the private sector.
"Comprehensive economic reforms, including reforming distortions in the public finances, should be enforced," he said at a meeting of regional finance ministers and central bank chiefs.
Saleh said the Gulf states must diversify their economies and "reduce dependence on oil".
"Implementing these policies has become inevitable," Saleh told the meeting, which International Monetary Fund managing director Christine Lagarde was also attending.
Forecasts indicate a healthy economic growth for the six nations of the Gulf Cooperation Council (GCC) averaging 4.5 percent in 2014-2015, Saleh said.
"But these forecasts should be treated with caution in light of fast-paced regional and international developments, particularly the drop in oil prices which has started to impact the public finances of GCC states," the Kuwaiti minister added.
The GCC groups Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates, which together pump 17 million barrels of crude oil per day and depend on oil for about 90 percent of public revenues.
Oil prices have slumped by about 25 percent since June because of a production glut, weaker demand and a gloomy world economic outlook.
Benefiting from high oil prices for more than a decade, the GCC states have built fiscal reserves estimated at $2.45 trillion by the International Institute of Finance.
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 urges gulf reforms Arab Today, arab today kuwait urges gulf reforms

 



Arab Today, arab today

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 urges gulf reforms Arab Today, arab today kuwait urges gulf reforms

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: أخبار الاقتصاد
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 23:13 2017 Sunday ,18 June

New ransomware virus attacking mobiles in Oman
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