Salary allocation in budget up 600% in 15 years. 12.6 billion Kuwaiti dinars in the total budget dedicated to salaries.
23 February 2022, 12:00 AM
31 March 2022, 12:00 AM
Salary allocation in Kuwait’s budget has increased by 600 per cent in 15 years, with a total of 12.6 billion Kuwaiti dinars being dedicated for paychecks in the latest budget, the Al Qabas newspaper reported.
Ghassan Alkhoja, the director of the World Bank office in Kuwait said that 1.8 billion Kuwaiti dinars in the total budget were dedicated to salaries in 2005, which means salaries have increased by 600 per cent in just 15 years.
Earlier last month, Fitch said it downgraded Kuwait’s credit rating to ‘AA-’ from ‘AA’.
For his part, the regional director of the Gulf Cooperation Council at the World Bank, Issam Abu Suleiman, affirmed that the downgrading of Kuwait’s credit rating gives Kuwait the opportunity to carry out necessary reforms to obtain financial sustainability.