Kuwait plans to spend up to $17.5bn on projects in year 2013-2014.

Kuwait Projects

Kuwait plans to spend KD4.5-5bn ($15.8-17.5bn) 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 KD30bn infrastructure building and economic development plan announced by the Gulf Arab country in late 2010.

[tbpspa]

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 KD17.2bn in the first ten 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 percent this year. He did not give more details.

[tbpspa]

No.of Reads (395)

WCK

A light Year Ahead News Source.