Kuwait launches new economic plan

KUWAIT CITY, January 31, 2017 – The Kuwaiti government on Monday launched a new long-term economic plan for the country, titled the New Kuwait initiative.

The plan, approved by Prime Minister Sheikh Jaber Mubarak Al Hamad Al Sabah, envisions transforming the country into a centre of foreign investment with a diversified economy.

The prime minister listed its goals as “activating development, boosting the economy, diversifying productivity, pressing ahead with economic and financial reforms through mega-projects and a leading role [played by] the private sector.”

Also on Monday, the government passed its 2017-2018 budget, which projects a heavy deficit for the third consecutive year in light of depressed oil prices. Finance Minister Anas K. Al Saleh announced a projected deficit of KWD 6.6 billion (USD 21.6 billion).

Kuwait’s social affairs and labour minister said at the launch that she expects the percentage of expatriates in Kuwait’s population to drop from it’s current 70% to around 60% by 2030.

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