kuwait\s current economic outlook positive fiscal position strong
Last Updated : GMT 03:34:48
Arab Today, arab today
Arab Today, arab today

Kuwait\'s current economic outlook positive, fiscal position strong

Arab Today, arab today

Arab Today, arab today Kuwait\'s current economic outlook positive, fiscal position strong

Kuwait - KUNA

Kuwait's current economic outlook is "positive" and the fiscal position is "strong," the International Monetary Fund (IMF) said Tuesday. An IMF mission, which visited Kuwait from May 4-6 to hold discussions with the authorities in preparation for the Article IV Consultation later this year, said in a statement at the end of its mission that non-oil GDP growth in Kuwait is expected to accelerate from 2.7 percent in 2013 to 3.9 percent in 2014 and is projected to increase to about five percent in the medium term in the baseline "backed by government investment in infrastructure and refineries." It added that "structural reforms will be required to improve the business environment to enable the sustained implementation of Kuwait's Development Plan to meet growth target." Although the fiscal position is strong, the IMF noted that "a sustained drop in oil prices could deplete fiscal surpluses and adversely affect long-term fiscal sustainability. "Measures to contain current expenditures, particularly wages and subsidies, and continued heavy dependence on oil revenues are required to mitigate risks to the economy from downward oil price shocks," it stressed. The Fund affirmed that "a medium-term fiscal strategy is required to drive reforms, the elements of which would include containing current expenditure growth, particularly, subsidies and public sector wages; prioritizing capital expenditure; and increasing non-oil revenues." Furthermore, it indicated that "generalized subsidies, particularly for electricity and fuel, constituting about seven percent of GDP in the budget engender wasteful consumption, and take resources away from core government spending priorities." It emphasized that "a gradual alignment with international prices, while ensuring that a social safety net is in place to protect the vulnerable, would in the long run increase overall efficiency and generate more fiscal space. Conservation-oriented tariff structures could boost efficiency in fuel and power consumption." As for the banking system, the IMF affirmed that it remains "amply capitalized" and that "the capitalization and asset quality of banks continued to show significant improvements with a combined capital adequacy ratio of almost 19 percent and gross non-performing loans of 3.2 percent." The mission welcomed "the recent macro-prudential regulations on loan-to-value ratios for the residential sector and the ongoing strengthening of banks' capital, which would contribute to further strengthening financial stability." The mission, which was led by Ananthakrishnan Prasad, met with Minister of Finance Anas Al-Saleh; Minister of Social Affairs and Labor and State Minister for Planning Affairs Hind Al-Sabeeh; Governor of Central Bank of Kuwait Mohammad Al-Hashel and senior government officials and representatives from the private sector.

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*

kuwait\s current economic outlook positive fiscal position strong kuwait\s current economic outlook positive fiscal position strong

 



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*

kuwait\s current economic outlook positive fiscal position strong kuwait\s current economic outlook positive fiscal position strong

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Prince's vision spurs new Cornwall village

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Airbnb raided by Japan

GMT 01:55 2017 Saturday ,18 November

Airbnb raided by Japan
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection
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 Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Ayten Amer happy for “The Flood” success

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success
Arab Today, arab today Unloved vultures fight for their survival

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 08:21 2017 Tuesday ,14 November

Nelly Karim focuses on humanitarian roles

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 13:40 2017 Monday ,13 November

Pollution spikes in Delhi amid warnings

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 06:13 2017 Friday ,17 November

Pope denounces healthcare inequality

GMT 05:18 2017 Thursday ,16 November

Boeing announces $27bn from flydubai

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
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