Kuwait's Minister of Finance Anas Al-Saleh stated that the current drop in global oil prices would not impact state budget-enrolled development projects.

Al-Saleh pointed out that the 25% fall in oil prices over the last couple of months would have an impact on the State public finance.

The minister declarations came on the side line of the joint meeting of the Financial and Economic Cooperation Committee at the level of GCC ministers of finance and economic and GCC Committee of Governors of Monetary Agencies and Central Banks.

If the current level of the oil price continue, there would be economic reforms, rather than economic measures,he noted, adding that a long-term strategy would be set out in order to put the national economy back on track.

In this context , Director-General of the International Monetary Fund (IMF) Christine Lagarde said the GCC member states are agreed on necessary financial structural reforms to ensure public welfare.

Lagard stressed the significance of encouraging the private sector to boost its internal and external competitive edge.

She also called for utilizing human resources, especially young people, strengthening the educational system and providing adequate funding to educational development.