Kuwait-Mubasher: A sever plunge in global oil prices has been dragging Kuwait’s deficit to widen since June, said deputy prime minister and finance minister Anas Al-Saleh.
Kuwaiti budget’s reliance on oil revenues is an integral factor in the structural environment of the Kuwaiti economy, especially that the country owns about 10% of the global oil reserve as it is among the largest ten oil exporters in the world, the minister added during his opening speech at Euromoney Conference.
Kuwait has founded the public reserve fund in the 50s and the future generation fund in the 70s, as well as establishing sovereign wealth funds in oil-exporting countries around the world, said Al-Saleh.
The minister stressed on the difference between the budget financial deficit and the budget structural deficit, which is linked to the national economy that relies on crude oil and its derivatives.
Al-Saleh confirmed on the importance of developing the economic infrastructure in institutions across the country.
A better investment climate is being created in Kuwait to further attract local and foreign investors, and that’s by developing business and decreasing bureaucratic procedures.
