Business | Economy
Kuwait government seen facing new parliament demands
Kuwait's government braces for more pressure to increase spending to offset the impact of a global financial crisis when the assembly returns from a summer recess this week, threatening to derail economic reforms.
- Agencies
- Published: 18:14 October 20, 2008
Kuwait: Kuwait's government braces for more pressure to increase spending to offset the impact of a global financial crisis when the assembly returns from a summer recess this week, threatening to derail economic reforms.
The world's seventh largest oil exporter has been seeking to diversify its oil-driven economy to emulate the success of Gulf neighbours such as Dubai and Bahrain, which have become regional financial hubs and tourist destinations.
But key bills, including a plan to appoint a financial regulator to make the Arab world's second-largest bourse more transparent and attract more investment, have been stalled due to a political stalemate.
"We urgently need to pass and implement economic reforms. We need more transparency on the stock market," said Mustapha Behbehani, a director at Gulf Consulting Co.
Parliament comes back from a summer recess on Tuesday.
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