KD 16 billion subsidies for the next three years
Undersecretary of Kuwait's Finance Ministry Khalifa Hamada said Wednesday that the expected financial subsidy by the State for citizens is projected at KD 16 billion during the next three, in case the subsidy system remained unchanged.
Khalifa added in an interview with Al-Qabas Arabic-language daily that the continuation of the subsidy system will contribute to increasing the expenditure which will lead to an imminent budget deficit.
He said that the government plan to rationalize subsidization will contribute to saving KD 2.6 billion in three years, which shows the importance of the plan in a time when the budget is witnessing a large deficit because of falling oil prices. He pointed out that the rationalization process will ensure the sustainability of development in Kuwait and give the State the ability to continue to provide essential services to its citizens, such as education, health, security, justice and other services that are indispensable.