Financial Reserves Stabilize Kuwait's Economy Against ChallengesSource: www.export-egypt.com 11/29/2015, Location: Middle East |
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Kuwait's economy was steady against challenges and changes due to the huge amounts of the state's financial reserves, said Chairman of the National Bank of Kuwait (NBK) Nasser Al-Sayer. Kuwait's sovereign fund established a huge reserve of assets of 400 percent of the GDP, Al-Sayer said in an interview with daily Al-Jarida newspaper.
Meanwhile, Al-Sayer noted that the banks have good rates of liquidity which enable them to meet the growing demands on credit, while the government has enough assets to easily face deficit. Moreover, he said that the government is eager to come up with solutions to reduce the financial burden through cutting off unnecessary spending without affecting the economy. The country saw a slow economy growth compared to other GCC states since the financial crisis in 2008, due to the slow execution of the development plan and investment projects in 2008 and 2009, said Al-Sayer. In 2013, Kuwait started prominently performing economic reforms that came out with positive results, he added. The official also mentioned that NBK's kuwait branch is the most active contributor to the group's profits and performance rate, said the chairman, adding that the bank's stability is due to focusing on strategic markets with growth opportunities. NBK's outside branches and subsidiary companies contribute between 20 to 25 percent of the group's total profits. |
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