Panel to study measures to curb overspending

An elite panel of experts charged with studying the current turbulent economic developments around the world is to hold a series of meetings on the issue, with the first taking place today at the Amiri Diwan. In addition to representatives from the Ministry of Finance, Ministry of Commerce, and the Ministry of Planning and Development, the team consists of Central Bank of Kuwait Governor Sheikh Salem Al-Sabah, and former minister Nasser Al-Roudhan, as well as economic experts Nabil Al-Manaei, Ali R asheed Al-Badr, Jassem Al-Saadoun, Hamza Abbas, Abdul-Wahab Al-Wazan, Anas Al-Saleh, Khalid Al-Essa, and Badr Malallah. According to officials, the team's discussions will focus on curbing overspending in the budget, in light of the possibility of a drop in oil prices as a result of an imminent global economic crisis, "The state's leadership is concerned about the critical situation, given the parliamentary legislations that exhaust the public budget," said one official who spoke anonymously. The Central Bank has reportedly noted that oil prices may catapult to $370 per barrel in the near future, and Kuwait needs to formulate new strategies to cope with an inflating budget as a result of the overspending policy. Officials indicate that the team will take a 'firm stance' on the matter, reported Al-Qabas. A recent International Monetary Fund (IMF) report predicts that Kuwait will amass the largest oil- derived income in its history next year on the back of rising prices, reported Al-Watan. On the other hand, officials from the Kuwaiti government stated that the government plans to enforce income taxes and value added tax in the near future.