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Kuwait’s National Assembly will meet on 7 February to discuss ways to tackle “defects” in the state budget, according to parliament speaker Marzuq al-Ghanim.
The freshly-announced budget (see p12), includes a plan to cut spending on subsidies by 22% in real terms in the 2016-17 financial year beginning 1 April (see table, p12).
Kuwait’s emir Shaikh Sabah al-Ahmad Al Sabah says the government plans to cut subsidies on fuel and electricity in a bid to offset a fall in oil revenues caused by the 70% slump in global crude oil prices since mid-2014.
“We will lift subsidies and will raise the prices of gasoline, electricity and water,” he said late last month without indicating a timeline. The Ministry of Finance, meanwhile, has been posting messages on social media saying government plans to “redirect subsidies to ensure that they reach the people who need them.” (CONTINUED - 503 WORDS)