Kuwait: Emergency financial steps after Eid |
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KUWAIT: The Cabinet will take precautionary measures to counter the present economic crisis following the Eid holidays. It plans to prepare an emergency plan which will be executed by government bodies in association with the Ministry of Finance and Oil MinistryOil Ministry
, officials said. They said that the financial plan will help insulate the country against any instances of recession due to the fall in oil prices. The new budget will be formulated in view of the current worldwide economic situation, especially concerning oil prices. The step will include reduced public expenditure and to avoid extravagant spending.
Officials said that Finance Minister Mustafa Al-Shamali and Oil Minister Mohammad Al-Olaim would hold meetings to finalize the plan.
© Kuwait Times 2008
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The way forward for Kuwait
Posted: 10-Dec-2008
http://blogs.zawya.com/goldiswealth/081210061959/
SNIP
The solution to this problem is that the 29 and 30 December 2008 Muscat, GCC Summit, where the 2009 Gulf Monetary Council (GMC), a precursor to the 2010 Gulf Central Bank (GCB), will be set up, will pool the GCC gold reserves, make this pool the reserves of the Khaleej dinar and periodically mark these reserves to market (-price). [Report Abuse | Email to a Friend | Reply to this Comment]