#Kuwait's efforts on political gridlock give hope for strained finances - IMF | Reuters

Kuwait's efforts on political gridlock give hope for strained finances - IMF | Reuters

Kuwait's political gridlock has strained state coffers but new efforts to resolve the impasse could signal an acceleration in reform momentum, the International Monetary Fund said.

A stand-off between the government and the elected parliament had paralysed legislative work, hindering efforts to boost state finances and enact measures including a debt law making it possible to tap global markets, a government priority.

The IMF said on Wednesday the oil-rich Gulf state would need to work on comprehensive reforms on items such as social benefits, the labour market, and the business environment.

"Sustained political gridlock has hobbled reforms and increased macroeconomic vulnerabilities, but a new high-level effort offers hope for resolving the impasse", the fund said in a statement.