KUWAIT, July 24 (KUNA) -- Minister of State for Planning Affairs and Development Abdelwahab Al-Haroun said here Sunday Kuwait would spend heavily in the coming stage by launching development projects.

Interviewed by CNBC, the minister said a lot of money would be injected into the local market in the second half of this year and next year, adding that the governmental development plan would be carried out in several phases.

He voiced hope that the step would lead to pushing forward the wheel of the national economy in the coming period.

Several moves have been taken to address administrative obstacles, he said, pointing to structural imbalances in the Kuwaiti economy according to local and world experts' reports.

He hailed the current Kuwaiti macroeconomic situation as "excellent", but he recognized that the global financial crisis has affected the local private sector.