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Kuwait plans spending cuts on wage subsidies

Finance Kuwait City 23 Aug 21
Kuwait plans spending cuts on wage subsidies
Kuwait records its highest financial deficit ever amounting to 10.6 billion Kuwaiti dinars. The budget deficit will result in government spending cuts of at least 10 percent.
Fee
Event Location
Kuwait, Kuwait
Area
Kuwait City
Start Time
23 August 2021, 12:00 AM
End Time
10 September 2021, 12:00 AM
Website

Kuwait’s record 10.6 billion KWD budget deficit will result in government spending cuts of at least 10 per cent there, and could see private sector workers earning 3,000 KWD ($9,976) lose their national employment subsidies as the government looks into ways to ration its spending.

Also, Kuwaiti Minister of Finance Khalifa Hamada has offered his resignation to the Prime Minister, Al Qabas paper reported.

This resignation comes just two days after the Cabinet's announcement of a set of government measures on Monday, aimed at reducing expenditures and filling the deficit.

This could see private sector workers earning 3,000 KWD ($9,976) lose their national employment subsidies as the government looks into ways to ration its spending.

Spending on Kuwaitis having medical treatment abroad could also be rationed, Kuwait press agency Kuna reported, citing a cabinet statement.

The cuts mean its Civil Service Office will also review bonuses and incentives earned by senior government officials.


Kuwait finance minister resigns Kuwait spending cuts wage 2021Kuwait budget deficit 2021



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