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22-04-14

Central bank warns against Kuwait's increased government spending

(MENAFN) The Kuwaiti central bank governor warned that the increasing public spending and oil reliance are preventing the country's sustainable economic development, Arabian Business reported. The governor said that Kuwait has to cut wasteful spending in the state budget and "rationalize" subsidy programs. He said that structural imbalances in the budget "hinder the process of promoting growth and development of the national economy on a sustainable basis." Kuwait provides subsidized petrol and utilities to its 3.8 million residents and does not collect income tax.