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Kuwaiti Finance: we do not intend to cancel any project because of falling oil prices

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Rocky


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Kuwaiti Finance: we do not intend to cancel any project because of falling oil prices



November 11, 2015 0


Kuwaiti Finance Minister Anas Saleh said on Wednesday that Kuwait has not been canceled and does not intend to cancel projects because of falling oil prices, although the country's reserves allow them to cope with falling oil.

Saleh said in remarks to reporters on the sidelines of the Islamic Finance Conference, which was opened today in Kuwait City, and I followed the agency, "our economy" news "our reserves and financial capabilities will enable us to cope with falling oil prices."

He added that "Kuwait has not been canceled and does not intend to cancel any project that has been adopted and spotted him in this year's budget (funds)."

He continued interest "our plans and our reserves and our capabilities and our credit ratings, we as a nation face of this decline (in oil prices)."

Says Moody's Investors Service credit rating that the balance of the current account and public budgets of the governments of the Gulf Cooperation Council (GCC) will remain vulnerable to pressures in light of expected oil prices remain at low levels for a longer period.

Over the past decades, the six Gulf Cooperation Council (GCC) -the Saudi Arabia, Kuwait and the United Arab Emirates, Qatar, Oman and Bahrain relied on oil revenues to fund their governments.

But the burden on budgets now under pressure because of inflation and public sectors generous spending on social programs after the descent of oil prices.

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