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Saturday , October 24 2020

‘No intention to raise support for prices of oil derivatives during the next phase’

KUWAIT CITY, Jan 27: The government does not intend to raise support for the prices of oil derivatives during the next phase, despite the efforts of financial reform adopted by the government during the past five years, which resulted in the partial lifting of subsidies on gasoline and diesel prices in September 2016, reports Annahar daily quoting sources.

The sources pointed out that the government is still committed to substantial support for the prices of petroleum products and maintain the components of support without prejudice to salaries of employees and commitment to the full appointment in government jobs in the next five years.

Sources pointed out that the subsidies increased in the 2019/2020 budget by 230 million dinars over the budget 2018/2019, which amounted to 3.967 billion dinars compared to 3.737 billion.

Sources also pointed out, the control of spending by the government in order to face the fluctuation in oil prices and maintain the economic and social development plans adopted by Kuwait despite the rise in subsidies and salaries in the new budget to 70 percent of the total expenditure of 22.5 billion dinars, in return for increasing capital expenditure to 3.7 billion dinars and salaries 12 billion dinars.

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