The official news agency in Kuwait reported today, Sunday, that a decree has been issued appointing Fahd Al-Jarallah as the Minister of Finance, succeeding Minister Manaf Abdulaziz Al-Hajri, who resigned in July. The decree also stated that Adel Ali Ibrahim Al-Mana has been appointed as the Minister of Education and Minister of Higher Education and Scientific Research.
Kuwait's growth is expected to significantly slow down this year due to declining oil prices and production cuts. According to its budget for the fiscal year 2023/24, approved last month, a budget deficit of $22 billion is anticipated. The International Monetary Fund mentioned last month that the risks related to Kuwait's economic outlook remain substantial, partly due to the lack of necessary financial reforms. GDP growth is expected to slow to just 0.1 percent this year, following a growth of 8.2 percent in 2022.
