Written by: Ahmed Awad
Kuwait, oil -rich Gulf state, will be the least GCC country to be affected by oil price slump, said Jason Toffey, specialized researcher in MENA region at London -based Capital Economics.
Oil has declined about 40% since its peak in mid-June 2014 to below $55 pb.
Toffey pointed out; in an e-mail to Mubasher that Kuwait is unlikely to cut spending, especially in fields like subsidies.
Earlier, official news reports revealed that the state expenditure is expected to amount to KWD 23.2 billion in the fiscal year of 2014/2015.
Public spending on salaries is estimated at KWD5.5 billion; commodity and services KWD3.9 billion; transport KD 290 million; construction KWD2.1 billion and various expenses KWD11.3 billion.
Kuwait's budget deficit for 2015/2016 will be so narrow and won't exceed 1% to 2% from GDP, added Toffey
Late December, Adnan Abdulsamad, head of the Kuwaiti parliamentary committee for budgets stated that the estimates for the 2015/16 year considered that the government running a budget deficit of KWD2.8 billion , before deducting money for Kuwait’s Future Generations Fund (FGF), part of its sovereign wealth fund
Translated by: Shaimaa ELSarky
Kuwait, oil -rich Gulf state, will be the least GCC country to be affected by oil price slump, said Jason Toffey, specialized researcher in MENA region at London -based Capital Economics.
Oil has declined about 40% since its peak in mid-June 2014 to below $55 pb.
Toffey pointed out; in an e-mail to Mubasher that Kuwait is unlikely to cut spending, especially in fields like subsidies.
Earlier, official news reports revealed that the state expenditure is expected to amount to KWD 23.2 billion in the fiscal year of 2014/2015.
Public spending on salaries is estimated at KWD5.5 billion; commodity and services KWD3.9 billion; transport KD 290 million; construction KWD2.1 billion and various expenses KWD11.3 billion.
Kuwait's budget deficit for 2015/2016 will be so narrow and won't exceed 1% to 2% from GDP, added Toffey
Late December, Adnan Abdulsamad, head of the Kuwaiti parliamentary committee for budgets stated that the estimates for the 2015/16 year considered that the government running a budget deficit of KWD2.8 billion , before deducting money for Kuwait’s Future Generations Fund (FGF), part of its sovereign wealth fund
Translated by: Shaimaa ELSarky
Source:
Mubasher
