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Kuwait sees oil prices at $60pb in FY15/16 budget

Kuwait sees oil prices at $60pb in FY15/16 budget
Written by: Ahmed Awad

Kuwait's Minister of Finance Anas Al-Saleh said today that the most expected hypothetical price of oil in the upcoming state budget would be in the range of $60 per barrel.

Al-Saleh noted, on the side line of Kuwait forum for small and medium enterprises, that the slump of oil prices will overshadows 2015/2016 budget.

The Kuwaiti Chief told Mubasher that the government intend to meet any budget deficit either through borrowing from General reserves or commercial market.

Al-Saleh affirmed that there is no intention to exclude gasoline and electricity subsidies from the new budget.

Meanwhile, Al-Saleh stated that the government considers measures which include expanding partnership between the public and private sectors as well as using some of the foreign reserves and commercial borrowing tools.

In related development, Al-Saleh assured that the Kuwaiti government is looking forwards to expand the contribution of small and medium enterprises (SMEs) to the national economy.

Elaborated , the Finance Chief said out of full understanding of the importance of small and medium enterprises, the government has recently established the national fund for SMEs with a total capital of KWD2 billion or ($6.84 billion).

Translated by: Shaimaa ELSarky