Kuwait economy faces imbalances, warns cbank

Tuesday, 19 July 2011 00:00 - - {{hitsCtrl.values.hits}}

Kuwait, Reuters: Kuwait is witnessing imbalances in its economy which require corrections, the state news agency cited the country’s central bank governor as saying.

‘Sheikh Salem Abdul-Aziz Al-Sabah spoke about the economic situation in Kuwait and about the imbalances it witnesses which could lead to a lot of risks at various levels,’ Kuna said. Sheikh Salem was speaking at a cabinet meeting, it said.

Sheikh Salem said that such concerns should be addressed by corrections to avoid any negative implications that they might have on the future of Kuwait, Kuna added.

The report did not give further details. Last month, Kuwait’s parliament approved a 19.4 billion dinars ($70.75 billion) state budget for the 2011/12 fiscal year. This was the government’s biggest budget since at least 2003.