VOL. XLIII

No. 16

17-April-2000

KUWAIT

KACs 1999 Losses Of KD73.8Mn Bode Poorly For Privatization

The Kuwaiti national carrier Kuwait Airways Corporation (KAC) reported losses of KD73.8mn ($240.9mn) on 1 April for the year 1998-99, which ended on 30 June. According to Agence France Presse, actual revenues for the year were KD196.3mn ($640.9mn) while expenditures stood at KD270.1mn ($881.8mn). An investigation into the financial situation at KAC was ordered by the countrys Finance Minister, Shaikh...