With persistently lower oil revenues over the medium term, Kuwait is facing a more challenging policy environment as it needs to adjust spending while continuing to diversify the economy to create jobs for the growing young national population. Large financial buffers and space to borrow provide cushion to smooth the adjustment, which the authorities have been able to initiate by implementing diesel subsidy reforms. The 2015/16 budget appropriately curtails current expenditure growth while increasing capital spending on infrastructure. The new five-year Development Plan (DP) (2015-19) provides direction for prioritizing capital expenditure, encouraging private investment and creating jobs for nationals in the private sector.
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|Size: ||2.6 MB|
|Publisher: ||INTERNATIONAL MONETARY FUND|
|Date published: || 2015|
|ISBN: ||9781513508665 (DRM-PDF)|
|Read Aloud: ||not allowed|