IMF Calls on Kuwait to Accelerate Reforms, Impose Taxes

published:28/01/2020 09:15 GMT

The International Monetary Fund on Monday urged OPEC member Kuwait to introduce a package of reforms that includes imposing taxes and phasing out subsidies to plug a chronic budget deficit. Kuwait, which heavily depends on oil for almost 90 % of its revenues, has been hit hard since crude prices crashed in mid-2014 and earlier this month approved a budget with a huge shortfall for the sixth year in a row. Nevertheless spending, mostly on hard-to-reverse categories such as salaries and social...More