Kuwait's Cabinet says it has ordered a spending cut from current budget of at least 10% - Reuters

tederes.blogspot.com

An aerial view shows little traffic on the roads of Kuwait City after the country entered virtual lockdown, following the outbreak of coronavirus, in Kuwait City, Kuwait March 16, 2020. REUTERS/Stephanie McGehee/File Photo

CAIRO, Aug 16 (Reuters) - The Kuwaiti Cabinet has ordered all government departments to reduce spending from the current fiscal year (2021/2022) budget by no less than 10%, it said in a statement on Monday.

The Cabinet took the decision after studying recommendations by the economic affairs committee regarding a lack of liquidity in the general reserve and "the need to find radical solutions to confront the deficit in the state’s general budget," the statement said.

The Cabinet also agreed to reconsider the list of prices for state property rents, land and buildings, and raise the efficiency of collecting government debts due.

It will also ask the Public Authority for Manpower to study the possibility of stopping the disbursement of national labor support to workers in the private sector whose total salary reaches 3,000 dinars ($9,993) or more.

The Cabinet was also briefed by the finance minister in its meeting about immediate measures and recommendations to reduce spending and enhance non-oil revenue in the budget for the fiscal year 2021/2022.

It also decided to establish a committee for the governance of the sovereign credit rating, led by the finance ministry, with the membership of the central bank, the General Investment Authority and the General Secretariat of the Supreme Council for Planning and Development.

($1 = 0.3002 Kuwaiti dinars)

Reporting by Omar Fahmy and Nayera Abdallah in Cairo Editing by Rosalba O'Brien and Matthew Lewis

Our Standards: The Thomson Reuters Trust Principles.

Adblock test (Why?)

"current" - Google News
August 17, 2021 at 05:11AM
https://ift.tt/3sp8XWv

Kuwait's Cabinet says it has ordered a spending cut from current budget of at least 10% - Reuters
"current" - Google News
https://ift.tt/3b2HZto
https://ift.tt/3c3RoCk

Bagikan Berita Ini