Changes cap phase one
WASHINGTON, Oct 14, (KUNA): Kuwait has been successful in implementing the first phase of its economic and financial reforms, which are set to balance and develop the economy of the country, Jihad Azour, the International Monetary Fund’s (IMF) Director of the Middle East and Central Asia Department, said Saturday.
Speaking to KUNA, Azour said that Kuwait must continue on this route to transform its financial status from an oilbased economy to nation with vast resources and income.
The private sector should be given more space to get involved in shaping the national economy, stated the IMF official who lauded Kuwait for taking several initiatives since 2016 to reform its financial sector. He indicated that Kuwait’s eagerness to follow up on global financial protocols would have a positive impact, adding that the IMF will provide assistance and guidelines to enable Kuwaitis to pursue their bright future.
Changing the way in which the country approaches the budget and transforming the financial administration mindset from an annual-based model to a midterm one are steps in the right direction, said Azour who indicated that investments would grow eventually and deficit will shrink as a result. While the reforms continue to be implemented, Kuwait’s World Bank’s (WB) (Doing Business) rating will progress, bringing businesses and more investment opportunities to the country, said Azour. He went on saying that Kuwait has the financial capabilities to carrying on its reform policies, hoping that the progress within this realm would be rapid and efficient.
Providing his input to KUNA, Kuwait’s Deputy Prime Minister and Finance Minister Anas Al-Saleh said that the IMF and the WB both encouraged Kuwait to further pursue its ambitious reforms to improve the public budget after the decline in oil prices. The IMF predicted a growth by 3.6 percent in the global economy and Kuwait must take advantage of that, said the minister who indicated that he had met with senior officials from the IMF and the World Bank to discuss Kuwait’s overall development plans.