Friday, 09 January 2009
updated 1 minute ago
02:39 UAE time

YOUR DIRECTORY /

$50 a barrel oil 'will not cut Kuwait spending plan'

by This email address is being protected from spam bots, you need Javascript enabled to view it on Wednesday, 29 October 2008

Kuwait will not cut spending even if the price of oil falls below $50 a barrel, the figure the Gulf Arab state's 2008/09 budget is based on, the finance minister said on Wednesday.

"We will not cut spending...We are not going to stop spending on development projects. It will not affect our investments," Mustafa al-Shamali told reporters when asked if Kuwait would scale back investment spending if the oil price dropped below $50 a barrel.

Oil was above $65 a barrel on Wednesday, down more than 50 percent from a record peak of $147.27 in July. (Reuters)

READERS' COMMENTS

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.

Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country

Subject *

Comment *


Notify me of further comments
Security Code *
Please click post only once - your comment will not be published immediately.

< Previous article
N-Gage reports strong interest from ME

Next article >
GCC markets suffer 57% fall in 2008

TOP IN MIDDLE EAST POLITICS & ECONOMICS

ALSO IN MIDDLE EAST POLITICS & ECONOMICS

LATEST MIDDLE EAST BUSINESS NEWS

EMAIL ALERTS

CONTACTS
Advertise
Who's Who

MOST POPULAR POLITICS & ECONOMICS STORIES

EMIRATES ID DOWNLOAD

READER COMMENTS

UAE gov't mulls plan to help redundancy victims 8
08 Jan ' 09 at 15:49
Yes yes... its all very laudable, commendable, etc etc.But think about it?Who is gonna fill up all those luxury apartments coming up at... More »
Recession in UAE cannot be ruled out - analysts 5
08 Jan ' 09 at 13:01
The so called "progress" done by the entire world for the last 5 years, now unwinding itself due to economic downturn. We are all... More »
48 killed in UN-run school inside Gaza 1
08 Jan ' 09 at 11:25
Where is the illicit father and self proclaimed leader of the world United States of America, if it is really concerned with the issue... More »