Kuwait expects to spend KD4.5-5bn ($15.8-17.6bn) on development projects in fiscal year 2013-14 which began on 1 April, Kuwaiti Deputy Prime Minister and Minister of Finance Mustafa al-Shimali told a conference in Kuwait on 8 April. He stressed that the government will select the best investment opportunities in order to achieve good results. The minister also said that he expects Kuwait to achieve a growth rate of 4.5-5% in 2013. Frequent cabinet changes and parliamentary elections have in the past few years delayed decision making and the implementation of mega projects in Kuwait, which has accumulated budget surpluses for over a decade.
In order to attract foreign direct investment into Kuwait, Mr Shimali said it is necessary to ensure that the laws in place are encouraging. Asked to comment on the mandatory allocation of 25% of all budget revenue to the Reserve Fund for Future Generations (RFFG), the minister said that he does not see this transfer of revenue as affecting other expenditure allocations in the budget, because it originates from an effective surplus. At the same time, he said new RFFG allocations would be targeted towards good investments. (CONTINUED - 290 WORDS)
