IMF urges Kuwait to contain spending, speed up reform - Economy - Business - Ahram Online:
"The International Monetary Fund has urged oil-rich Kuwait to contain public spending, which has trebled in seven years, to avoid risks from a drop in crude prices.
The IMF also urged the Gulf state to speed up structural reforms, put back on track a $110 billion (81 billion euros) development plan that is lagging behind schedule and cut public subsidies.
"Reflecting the recent sharp increases in current expenditures and relatively small non-oil revenues, government expenditure in the baseline would exceed oil revenues by 2017/18, thus increasing the fiscal risk from a sustained drop in oil prices," said a report released late Monday."
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