Kuwait parliament blocks this year's development plan
Source: BI-ME with Bloomberg , Author: Posted by BI-ME staff
Posted: Thu April 26, 2012 11:29 am

KUWAIT. Kuwait’s parliament rejected a bill that covers the government’s US$111 billion four-year development plan in the 2012-2013 fiscal year, the state news agency KUNA reported.

Lawmakers who blocked the bill yesterday described the plan as “unrealistic” and criticized the government for lagging in its implementation of projects, according to KUNA.

The plan, which began in 2010-2011, requires parliamentary approval for every fiscal year. Minister of State for Planning and Development Affairs, Fadhel Safar, said “many projects were accomplished in the first two fiscal years of the plan,” KUNA said.

Kuwait wants private investors to meet almost half the cost of the development plan to modernize its oil-based economy. The investments include increasing oil and gas production, construction of a metro and rail network, the expansion of the airport, new power stations, cities, hospitals, roads and a port on Boubyan Island.

Adel al-Wuqayan, secretary-general of the Supreme Council for Planning and Development, told parliament a panel was dealing with “obstacles” facing the plan’s implementation, KUNA said.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: October 31, 2014
INTERNATIONAL. In his latest interview with The Gold Report, the 321gold.com founder delivers a frank overview of U.S. international policy and lambasts commentators who look to their tea leaves in search of the next market moves.
date:Posted: October 31, 2014
INTERNATIONAL. If Russia's "pivot to Asia" results in Moscow and Beijing trading oil between them in a currency other than the dollar, that will represent a major change in how the global economy operates and a marked loss of power for the U.S. and its allies."
date:Posted: October 30, 2014
UAE. GCC corporate earnings strength intact; Regional bonds unaffected by global shocks; Central Banks support financial markets.
INTERNATIONAL. If Russia's "pivot to Asia" results in Moscow and Beijing trading oil between them in a currency other than the dollar, that will represent a major change in how the global economy operates and a marked loss of power for the U.S. and its allies."
dhgate