Kuwait's steel market largely optimistic, concerns exist

摘要

In the state budget for 2016-2017, the Kuwait government reduced spending on services and projects by 14% due to the downtrend in oil prices at the time of budget approval. As a result of unbalanced budget, the deficit was calculated at KWD 8.7 billion ($28.4 billion; $1 = KWD 0.3). However, despite seemingly decreasing government spending on construction sector in 2016-2017, Kuwait announced a 2017-2018 development plan with $5.27 billion allocated for unfinished projects, according to Khaled Mahdi, the Secretary General of the Supreme Council for Planning and Development.