Kuwait Parliament Ratifies $116Bn Development Plan

Kuwait plans to spend $116bn on development projects in its latest five-year plan for 2015-19. Implementation will need to be greatly improved from the current five-year period if the country is to hit its 4mn b/d oil output target.

Kuwait’s parliament on 11 February approved the country’s five-year development plan for 2015-16 to 2019-20. This envisages total government spending of KD34.2bn ($115.6bn).

Parliament also approved KD6.6bn ($22.3bn) spending for the first year of the plan starting on 1 April. Of this, KD1.8bn ($6.1bn) has already been allocated, with the balance of KD4.8bn ($16.2bn) to mainly cover oil sector projects (MEES, 30 January). The total outlay was earlier put at KD45.5bn ($153.8bn) by a deputy in parliament, but this figure appears to have been scaled down (MEES, 16 January). (CONTINUED - 1078 WORDS)