Kuwait-Mubasher: The World Bank (WB) announced its support for reform steps in Kuwait, said the WB Office Director in Kuwait Feras Raad.
“The package of measures, declared by Finance Minister Anas Al-Saleh, aim to accomplish short and medium-term reforms at the political and financial levels, namely regarding privatization, entrepreneurship, labor market, investment environment and businesses,” Raad told Kuwait news Agency in an interview.
Kuwait’s budget deficit was projected to reach $40 billion for upcoming fiscal year, forming a new burden for the government that can only be tackled through borrowing or withdrawing from the general reserves, Raad clarified.
“In contrast to the defects he mentioned, Raad shed some light on successful aspects, such as establishment of oil by-products companies, setting up the next generations fund, projects by the Public Investment Authority which has successfully hiked the general reserves to $500-600 billion,” WB officer director added.
