IMF Calls On Kuwait To Cut Spending As Lower Oil Prices Linger

The Kuwait government needs to implement a gradual but sustained adjustment of current spending in the wake of the collapse in world oil prices, which has hit the state’s fiscal and current account balances, and slowed growth in 2014-15 to almost zero, the IMF says.

The slide in oil prices to below half year-ago levels saw the emirate post an ‘actual’ budget deficit for the first time since 1999-2000...