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Monday , January 27 2020

‘Kuwait has most powerful financial plans in Gulf’

State’s financial reserves at $400 billion: reports

KUWAIT CITY, Feb 26: Recent report of the City Group indicates Kuwait has one of the most powerful financial plans in the Gulf, and the country’s financial reserve is worth $400 billion through funds accumulated since 1985.

Report of the Sovereign Wealth Funds Institute also showed that assets of the Investment Public Authority exceed $524 billion, while proceeds from the two sectors are estimated at 3 percent. It noted returns from Investment Public Authority could be merged with public budget to reduce deficit in the budget of 2017 from 12.3 percent to 1.2 percent.

It observed that tension between the government and the Parliament will not be in favor of economic reform. “Although budget deficit can be covered through revenues generated from the Investment Public Authority, government decided to adopt a different approach by issuing securities in March 2017,” he stressed.

He also said the political atmosphere in Kuwait does not permit the government to maneuver or adjust public funds amid indications that government postponed enforcement of the Value Added Tax VAT to 2019 without following the steps of the other four Gulf countries to hike fuel prices in 2018.

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