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Kuwait has asked public sector establishments to speed up projects included in the 2026-2027 budget which took effect on April 1.
The Finance Ministry said in a circular that all public departments must implement the 2026-2027 annual development plan projects according to the approved schedules, with the aim of raising economic growth rates and achieving economic and social objectives.
Relevant authorities, such as the Central Agency for Public Tenders, the State Audit Bureau, and the Fatwa and Legislation Department also must expedite the procedures for these projects, the Ministry said.
“There is a need to achieve the goals outlined in the development plan, including increasing growth rates, addressing structural imbalances in the Kuwaiti economy - particularly increasing the contribution of non-oil revenues to public revenues - increasing investment spending while reducing current expenditures, and strengthening the role of the private sector in economic activity,” it said.
“All departments involved in construction and development projects, including Kuwait Municipality, the Ministries of Public Works, Electricity and Water, Communications, and Oil, the Environment Public Authority, and the Public Authority for Agricultural Affairs and Fish Resources, should expedite the necessary procedures for implementing new projects, while adhering to obtaining the required approvals and licenses before tendering, in accordance with the Public Tenders Law,” the circular said.
In statements last week, Kuwait’s Finance Minister Yacoub Al-Rifai said the new budget includes 117 new projects and 51 projects under construction with a total value of around 3 billion Kuwaiti dinars ($10 billion).
(Writing by N Saeed; Editing by Anoop Menon)
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