OPEC producer Kuwait has approved 239 projects with a combined value of around 955 million Kuwaiti dinars ($3.15 billion) for the new fiscal year 2023-2024, a local newspaper reported on Monday.
The projects for the new fiscal year which began on 1 April cover construction, development, oil and other sectors, the Arabic language daily Alqabas said, citing a government report.
Buoyed by high oil prices, the Gulf state boosted spending on projects by nearly 35 percent in the last months of the 2022-2023 fiscal year, the report showed.
Actual public spending on projects totaled around KWD 470 million ($1.55 billion) in the previous fiscal year out of total budget project allocations of nearly KWD 1.3 billion ($4.29 billion), the report said.
“The cabinet has recently decided to form a ministerial committee to oversee the execution of projects in the current fiscal year to ensure they are completed on time and to clear any obstacles that may face large projects,” it added.
(Writing by Nadim Kawach; Editing by Anoop Menon)