Advertisement
11 June, 2018

Kuwait freezes new projects for budget approval

Old projects must not exceed previous allocations

Image used for illustrative purpose.

Image used for illustrative purpose.

lstock

Kuwait has told its government offices not to award any new contracts before the new budget is approved by parliament, a local newspaper reported on Sunday.

In a circular, the Finance Ministry said allocations for projects under way could be made as per the 2017-2018 budget, provided they do not exceed the allocations set by that budget, the Arabic language daily Al-Anba said.

"Government and other public establishments can issue tenders for new projects but they must not award them until after the 2018-2019 budget is ratified by Umma council (parliament)," the paper said.

The circular also said government offices can issue tenders for next phases of completed projects but that allocations would be made only after Umma approves the new budget.

Advertisement
(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@thomsonreuters.com)

Our Standards: The Thomson Reuters Trust Principles

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© Thomson Reuters Projects News 2018