Kuwait will not be able to pay salaries after November
August 20, 2020
The oil-rich Gulf state of Kuwait will not have sufficient funds to cover public servants’ salaries after November, Finance Minister Barak Al-Sheetan warned parliament on Wednesday.
According to Bloomberg, Al-Sheetan confirmed that his country’s government is withdrawing from its General Reserve Fund at a rate of 1.7 billion dinars a month.
He added that liquidity will soon be depleted if oil prices don’t improve and if Kuwait cannot borrow from local and international markets.
Al-Sheetan indicated that Kuwait’s budget deficit increased by 69 per cent to 5.64 billion dinars in the last fiscal year, and the government estimates that it will be more than 14 billion dinars in the current fiscal year, ending on 31 March.
He stated that wages and subsidies account for 76 per cent of all spending.
Read more at http://www.defenddemocracy.press/kuwait-will-not-be-able-to-pay-salaries-after-november/
Διαβάστε επίσης
Τερματίζει το πετρέλαιο. Κινδυνεύει με κατάρρευση η Μέση Ανατολή!
