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Kuwait, which has posted a budget surplus for 16 years in a row, has approved for the third consecutive time a budget with expenses surpassing the income forecasted by the state despite the introduction of several austerity measures to reduce Read more
After 16 years of budget surplus dating back to the end of the 1999 fiscal year, Kuwait has announced that it registered its first budget deficit in 2016. Finance Minister Anas al-Saleh had informed the parliament last month that they Read more
Hopes of an agreement between major oil producers to freeze production could be fading away after the Iranian oil minister Bijan Zanganeh said that exportation of the country’s oil and gas condensate has exceeded 2million barrels per day after daily Read more
Kuwait and Saudi Arabia have reached an accord to begin production at the jointly operated Al-Khafji oil field where production was halted in October 2014 but differences still remain over the Wafra oil field. The announcement was made by Kuwaiti Read more
Sukuk (Islamic bond) issuance would soon be back in the Kuwaiti financial market after the Capital Markets Authority (CMA), country’s financial regulator, issued rules to govern it this week. The practice had dropped significantly in the country because there were Read more
Kuwait’s budget for the new fiscal year that began on April 1 has a deficit of around 40% mainly due to lower estimates of oil prices. The huge deficit has raised eyebrows but it is believed that it will be Read more
Members of the Gulf Cooperation Council (GCC) are working towards introducing a Value-added Tax (VAT) around the region and a draft agreement was adopted by its Financial and Economic Cooperation Committee according to reports monitored on Kuwaiti state news agency Read more
Kuwait has started to feel the pinch of oil prices collapse as evidenced by the cabinet’s decision to cut the next budget by nearly 18% compared to the current one. Finance Minister Anas al-Saleh said the decision is dictated by Read more
Kuwait’s parliament unanimously called on the government to restore subsidies on diesel and kerosene because they are believed to have contributed to the price hikes of several products and services. The government removed the subsidies at the beginning of the Read more
Kuwait is likely to fall into a national budget deficit by the end of the decade if it doesn’t cut down on subsidies which accounts for 20 percent of government spending amounting to a rough estimate of $16 billion a Read more