Kuwait calls for understanding on spending cuts amid coronavirus pandemic

The Kuwaiti cabinet has also approved the Ministry of Finance’s proposals to not raise budgets of independent public authorities, institutions and funds for five years, and also lowering their budgets by 20 percent for the years 2020 and 2021. (File/AFP)
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Updated 05 June 2020

Kuwait calls for understanding on spending cuts amid coronavirus pandemic

  • Kuwait's stimulus package includes a reduction in its discount rate and an offer of up to $811,000 in soft loans for owners of SMEs

DUBAI: Kuwait’s prime minister Sheikh Sabah Khaled Al-Hamad Al-Sabah called for understanding on ‘critical circumstances’ that required the country to cut spending to address the coronavirus pandemic’s impact on economy, state news agency KUNA reported.
Al-Sabah, who earlier chaired an online cabinet briefing on a government stimulus package, added that authorities should follow all the rules and present “serious cooperation in order to overcome this phase with the least damage possible.”
The stimulus package includes a reduction in its discount rate and an offer of up to $811,000 in soft loans for owners of small to medium-sized enterprises and payable in four years.
A delay in helping companies and SMEs would negatively impact the country’s economy to the extent that they may go bankrupt, Kuwait’s central bank chief Dr. Mohammad Al-Hashel said.
The Kuwaiti cabinet has also approved the Ministry of Finance’s proposals to not raise budgets of independent public authorities, institutions and funds for five years, and also lowering their budgets by 20 percent for the years 2020 and 2021.


Egypt PM visits Sudan as Nile dam talks stall

Updated 37 min 58 sec ago

Egypt PM visits Sudan as Nile dam talks stall

  • The GERD has been a source of tension in the Nile River basin ever since Ethiopia broke ground on it in 2011
  • Egypt and Sudan view the dam as a threat to vital water supplies

KHARTOUM: Egypt’s prime minister arrived in Sudan on Saturday on a visit aiming to “improve cooperation” between the two neighbors, officials said, amid tensions over Ethiopia’s Nile dam.
It is Mostafa Madbouli’s first official visit to Sudan since the formation of a transitional government in Khartoum in 2019.
“The aim of this visit is to improve cooperation between the two countries in various fields,” the office of Sudanese Prime Minister Abdalla Hamdok said in a statement.
Madbouli’s delegation includes Egypt’s ministers of water and irrigation, electricity, health, and trade and industry.
The Grand Ethiopian Renaissance Dam (GERD) has been a source of tension in the Nile River basin ever since Ethiopia broke ground on it in 2011.
Egypt and Sudan view the dam as a threat to vital water supplies, while Ethiopia considers it crucial for its electrification and development.
Talks between the three countries were suspended last week after Addis Ababa insisted on linking them to renegotiating a deal on sharing the waters of the Blue Nile.
Sudan on Monday said negotiations had been postponed for a week.
During his visit, Madbouli is also expected to meet with General Abdel Fattah Al-Burhan, head of Sudan’s ruling sovereign council, and Mohamed Hamdan Dagalo, council deputy chief and military general.