Global Government Summit .. Kuwaiti Finance Minister: Approving the Public Religion Law soon and 90 projects within the new budget
Dubai, February 10/ WAM/ His Excellency Noura Al -Falas, Minister of Finance in the State of Kuwait, expected Kuwait’s economic growth by 2.6% during the year 2025 with the continued financial reform plans that include the launch of a new tax system, especially the tax on companies and the approval of the Public debt law soon, along with a package of laws Financial reforms aimed at enhancing non -oil revenues and achieving financial balance.
Her Excellency said, in statements to the Emirates News Agency “WAM”, on the sidelines of the preliminary day of the World Government Summit, that Kuwait is committed to its strategic plan “Vision 2035”, which aims to diversify income sources, enhance the investment environment, and achieve financial sustainability, stressing that the government is continuing to implement This vision through structural reforms includes improving the efficiency of public spending and enhancing financial transparency to ensure strong and sustainable economic growth.
She stated that the government has presented a new public budget that includes more than 90 projects, aiming to enhance economic development and stimulate the partnership between the public and private sectors, which contributes to achieving financial sustainability and advancing the economy.
With regard to future plans, she explained that Kuwait seeks to enhance its investments in major infrastructure projects, such as the Mubarak Al -Kabeer Port Project, and the new airport “T2”, in addition to logistical and digital projects aimed at supporting digital transformation.
She emphasized that the financing of these projects will be through a mixture of general budget and sovereign public debt tools, to ensure the sustainability of financing and achieve balanced economic growth.
It reviewed Kuwait’s public debt management strategy, stressing that the state adopts a balanced approach in managing public debt so that it does not exceed 60% of the gross domestic product in accordance with international standards.
She added that the high credit rating of Kuwait gives it good opportunities to borrow from the capital markets on facilitated conditions and stressed the importance of offering sovereign debt tools in a deliberate way that supports the local economy without pouring a burden on the public budget.
Her Excellency explained that the percentage of public debt for Kuwait is still at low levels and is about 3% of the gross domestic product, which gives the state a flexible space to finance its development projects through public debt tools.
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