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Sunday, 14 August 2016

Kuwait has some catching up to do on reforms | GulfNews.com

Kuwait has some catching up to do on reforms | GulfNews.com:

"Kuwait is gradually moving towards addressing key challenges related to the state of its public finance in an environment of low oil prices. Other Gulf countries have moved faster in assuming — not necessarily popular — steps designed to check governmental spending like reducing subsidies for petroleum at the retail level.
In Kuwait, a compromise is essential between the appointed government and elected parliament. Not surprisingly, MPs try to get the best possible deals for their constituents. In reality, Kuwaiti legislators have a track record for demanding more rather than less benefits like bonuses for nationals to help cope with living expenses.
Recently, the authorities decided to reduce the amount of subsidies extended to petroleum products as part of efforts to streamline budgetary resources. Accordingly, the cost of low-octane petrol was increased by 41 per cent to $0.28 a litre; also, that for high-grade petrol was raised by 61 per cent to $0.35 a litre. The price for ultra-petrol — or the environmentally-friendly low-emission fuel — was higher by 83 per cent to $0.55 per litre."



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