VOL. XLVII

No 09

01-March-2004

BUDGETS AND REVENUES

Kuwait Finance Minister Calls For End To Offset Program

Kuwaits Finance Minister Mahmud al-Nuri in a letter to the Council of Ministers has called for an end to the countrys offset program. The offset program was set up in July 1992 (MEES, 3 August 1992) and amended in 2002 (MEES, 4 March 2002) and imposes a requirement on foreign contractors to invest 35% of the value of their contract in Kuwait itself, with the aim of developing technical and...