Kuwait finance chief says wage bill review is needed

Senior official at finance ministry speaks out after Saudi Arabia announced cuts to ministers' salaries, perks
Kuwait finance chief says wage bill review is needed
Kuwait
By Reuters
Tue 27 Sep 2016 01:42 PM

Kuwait needs to re-evaluate its wage bill, Khalifa Hamada, undersecretary at the Gulf Arab oil exporting country's finance ministry, said on Tuesday.

He was speaking after neighbouring Saudi Arabia on Monday cut ministers' salaries by 20 percent and scaled back financial perks for public sector employees in an attempt to save money at a time of low oil prices.

Kuwait's central bank governor said on Tuesday that fiscal reform can help Kuwait's economy adjust to low oil prices.

Mohammad al-Hashel said despite economic challenges, the banking system was stable, with with non-performing loans reaching 2.4 percent in 2015.

Separately, Kuwait's central bank governor said on Tuesday that fiscal reform can help Kuwait's economy adjust to low oil prices.

Mohammad al-Hashel said despite economic challenges, the banking system was stable, with with non-performing loans reaching 2.4 percent in 2015.

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