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Kuwait urged to cut public spending

Kuwait has been urged by the International Monetary Fund (IMF) to contain public spending, which has trebled in seven years, to avoid risks from a drop in crude prices, AFP has reported. "Reflecting the recent sharp increases in current expenditures and relatively small non-oil revenues, government expenditure in the baseline would exceed oil revenues by 2017/18, thus increasing the fiscal risk from a sustained drop in oil prices," the IMF said. The IMF also urged the Gulf state to speed up structural reforms, put back on track a $110bn development plan that is lagging behind schedule and cut public subsidies.