Kuwait to spend $18bn on projects this year
Kuwait, April 8, 2013
Kuwait plans to spend 4.5-5.0 billion dinars ($15.8-17.5 billion) on development projects in the 2013/14 fiscal year which began this month, Finance Minister Mustapha Al-Shamali said on Monday.
Domestic political tensions have been delaying work on parts of a 30 billion dinar infrastructure building and economic development plan announced by the country in late 2010.
The group chief executive officer of National Bank of Kuwait has been scathing in recent months about the impact of the political situation on economic growth, a rare public outburst from a prominent Gulf businessman.
However, there have been signs that the government has found ways to move ahead with some projects.
Kuwait had a budget surplus of 17.2 billion dinars in the first 10 months of its fiscal year, preliminary budget data showed at the end of March, thanks to robust oil income and lower-than-expected public spending.
Shamali also told reporters on the sidelines of a financial conference in Kuwait that the Opec member's economy should grow by 4.5-5.0 percent this year. He did not give more details. - Reuters
More Government & Laws Stories
- Galfar ex-CEO gets 15 years' jail over bribes
- New law on family violence on the way in Bahrain
- Four blast suspects are remanded in Bahrain
- Bahrain to step up war on terror
- Norton Rose Fulbright moves London head to Dubai
- DSG ‘ready to implement Smart Dubai Strategy’
- Iraqi women protest new draft law
- Bahrain police 'face more danger in line of duty'
- Saudi names Brotherhood as terrorist group
- Qatar outraged over terror claims
- Bahrain PM condemns exploitation of children
- Qatar will not alter foreign policy: source
- Bahrain accuses Iran of fomenting trouble
- 'Put security before rights' in Bahrain: publisher
- 'Hizbollah trained Daih blast suspect'
- Key terror blast suspects named in Bahrain
- $2.6m Royal Fund for martyrs set up
- Bahrain to draw up new anti-terror laws
- GCC ROW: Qatar voices surprise over envoys pull out
- GCC tobacco tax rise ‘will fuel illicit trade’
- Saudi, UAE, Bahrain withdraw envoys from Qatar
- Bahrain explosion draws global condemnation
- GDN photographer hurt in blast is discharged
- Iran playing increasing role in Bahrain unrest
- Bahrain launches 6-point plan to fight terror
- Sisi gives sign he will run for president
- New Saudi clamp on energy drinks
- Health insurance must for Saudi visa
- Qatari doctor gets 7 years jail in UAE
- Family violence law articles approved in Bahrain