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Tag Archives: subsidies

‘Subsidy cut on 17 commodities to be implemented in this fiscal year’ – GMRP eyes to transfer 59,000 Kuwaitis from public to private sector

KUWAIT CITY, Dec 12: High-ranking sources from the Ministry of Finance have said the decision to reduce subsidy on 17 commodities, including fuel, will be implemented in the current fiscal year (2015-2016) to increase non-oil revenue. The source stated that government has requested “Ernest & Young” to expedite and present …

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Kuwait, Gulf warm to subsidy cuts – MP URGES MEASURES TO CURB IMPACT OF OIL PRICE DROP

KUWAIT CITY, Dec 7: Kuwait’s government is showing a willingness to push forward fiscal reforms including subsidy cuts needed to support its currency in an era of low oil prices, a senior IMF official said. Gulf states, including Kuwait, traditionally relied on petrodollar revenues to fuel public sector spending and …

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High-earners may lose ration card ‘privilege’

KUWAIT CITY, Nov 28: In the process of streamlining expenditures to cover about KD 7 billion budget deficits, the Council of Ministers in a matter of days will begin to approve some economic procedures to support revenues. The procedures will include cutting down the rate of subsidies on oil products, …

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MP slams ministry for failure to control hike in goods rates – ‘KD 28,000 monthly salary and govt subsidy too’

KUWAIT CITY, Nov 24: MP Faisal Al-Kandari has criticized the Ministry of Commerce and Industry for its alleged failure to control prices of consumer goods, stressing the need for everyone to stand firm against the unjustified price hikes. He called for intensified efforts to control prices, especially since the Ministry …

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‘Diversify to cut budget deficit’ – Subsidies will not be slashed: MP

KUWAIT CITY, Oct 4: Chairman of the National Assembly’s Financial Affairs Committee MP Faisal Al- Shaye said the committee next week will submit a number of draft laws that are aimed at reducing the budget deficit, reports Al-Rai daily. He added the government will do whatever necessary and take appropriate …

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Bahrain lifts meat subsidies as oil bites

Move to save money as low oil prices hit state finances MANAMA, Oct 3, (RTRS): Bahrain more than doubled the prices of beef and chicken removing meat subsidies in a politically sensitive move designed to save money as low oil prices slash the government’s revenues. Like other Gulf oil-exporting states, …

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Gulf states begin to tackle subsidy reform

KUWAIT CITY, Sept 28:  For decades, GCC countries have had some of the world’s most generous energy subsidies. With oil prices reaching new lows, authorities are increasingly turning to subsidy reform to help reduce large fiscal deficits.  The cost of GCC energy subsidies have long been perceived as unsustainable in …

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Minister again denies rumors that govt intends to cancel subsidies

KUWAIT CITY, Sept 28: Minister of Commerce and Industry DrYusuf Al- Ali has denied the rumor that the government intends to cancel subsidies for citizens, clarifying the plan is to regulate procedures for granting such privileges to ensure they are given to rightful beneficiaries especially those with limited income, reports …

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‘Fuel subsidy cuts will harm low income, migrant workers’ – Wage reforms needed

KUWAIT CITY, Sept 23: In this week’s Arab Times online poll, readers weighed in on the issue of fuel subsidy reform in Kuwait with the majority of voters expressing concern that it would severely affect low income and migrant workers. In 2014, close to KD 4 billion, that constitutes 18% …

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Experts express anger over IMF proposal to rectify budget deficit

KUWAIT CITY, Sept 23: Academics and politicians have expressed resentment on the economic reform procedures the International Monetary Fund (IMF) has proposed to rectify the deficit in Kuwait’s general budget, adding “any idea to lift subsidies from the basic commodities such as water, electricity, and petrol is out of the …

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