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KUWAIT CITY, Nov 5, (KUNA): The Chamber of Commerce and Industry said on Sunday that the International Monetary Fund has praised the Kuwaiti government’s efforts in tackling the impact of the drop in global oil prices through containing public spending.
According to a statement, the chamber’s board member Dhirar Al-Ghanim made the remarks after discussing Kuwait’s economic policy with visiting IMF mission head Stephane Roudet in the light of article four of the country’s IMF membership.
During his talks, Al-Ghanim said that the Chamber of Commerce and Industry is targeting a strong private sector that leads the path of economic development efficiently according to state strategies through equal opportunities, fair competition and transparency. Experts reviewed the IMF’s report on Kuwait’s 2016 economic policy, which showed that the non-oil sector witnessed 3.5 percent growth due to the continuing rise in public spending, he said. Al-Ghanim also expected a 1.2 percent shrink in Kuwait’s GDP in 2017.