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Kuwait government's reserves help address low oil prices
October 10, 2016, 8:59 am
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Deputy Premier and Finance Minister Anas Al-Saleh said Sunday Kuwait has reserves enabling it to address challenges resulted from low oil prices. This financial surplus helped the government of Kuwait take "well calculated" decisions, Al-Saleh, also Acting Minister of Oil, said an interview with Sky News Arabia channels.

Kuwait's "wise financial and economic policies it has been following for more than 60 years have always succeeded in creating surplus which is transferred to the next generations fund," said Al-Saleh.

He noted that revenues from investments are not included in the state general budget. Al-Saleh the government's budget was based on an oil barrel with USD 66, but Kuwait's ability to address the low prices was limited.

However, he added, the government sought to activate reforms to lower spending. Al-Saleh said the government borrowed around KD two billion from the local market, in addition to plans to borrow KD three from foreign markets.

Source: KUNA

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