Kuwait Moving On Right Path towards Economy DiversificationSource: www.export-egypt.com 10/9/2016, Location: Middle East |
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Director of the Middle East and Central Asia Department at the International Monetary Fund Masood Ahmad has lauded Kuwait's financial reform document to diversify national economy away from energy sector.
The Kuwaiti government is moving on the right path with its six-point financial reform document, Ahmad told KUNA on the sidelines of the joint annual World Bank and International Monetary Fund IMF meeting in Washington. He, however, emphasized that Kuwait's economic still suffers from low growth rates, decline in the private businesses and non-oil projects compared with the previous year. Though the government has large buffers, it has to take necessary measures to get out of such a dilemma, he said. He suggested a three-point plan to avoid more negative impacts of the steep decline of oil prices on national economy. The government has to gradually cut spending to reduce the budget deficit, rationalize energy consumption and diversify that national economy through encouraging the private sector to be the engine of growth, Ahmad added. The same applies for other Gulf Cooperation Council states, he said, indicating that the GCC countries need to adjust spending and try to increase non-oil income resource. In this regard, he praised the Gulf states' ambitious plans to lower their reliance on oil revenues. The Gulf state can also increase their non-oil revenues through the introduction of different kinds of taxes, particularly added value tax. |
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