January 28, 2019
Higher oil prices in 2017–18 lifted growth and improved fiscal and external balances.
", "publishDate": "2019-01-28", "sections": [ { "heading": "Recent Macro-Financial Developments", "content": "- Higher oil prices in 2017–18 lifted growth and improved fiscal and external balances.\n- Hydrocarbon output is estimated to have risen by 1.2 percent in 2018 following a contraction a year earlier.\n- Non-oil growth accelerated to 2.5 percent in 2018.\n- Current account balance moved into surplus in 2017 (almost 6 percent of GDP) and is estimated at 13.2 percent in 2018.\n- Inflation reached a multiyear low of 0.7 percent in 2018.\n- FY2017/18 overall fiscal balance improved to an estimated surplus of 8 percent of GDP; expected to reach almost 12 percent of GDP in FY18/19.\n- Fiscal financing needs—overall balance excluding investment income and compulsory transfers to the Future Generations Fund (FGF)—remained large at 12.5 percent of GDP in FY2017/18.\n- Delays in passage of a new debt law prevented government from issuing debt since October 2017; government drew on General Reserve Fund (GRF) assets, including to pay for maturing debt.\n- Private credit grew 3 percent year-on-year in November 2018.\n- Central Bank of Kuwait (CBK) kept policy lending rate at 3 percent while raising its repo rate several times.\n- Banking sector indicators: capitalization (CAR) of 18 percent; return on assets 1.3 percent in September 2018; NPLs net of specific provisions at 1.4 percent of gross loans.\n- Real estate sales rebounded since mid-2018; Kuwaiti stocks outperformed other GCC markets following March 2018 announcement of inclusion in the FTSE Russell Emerging Market Index." }, { "heading": "Macro-financial Outlook and Risks", "content": "- Baseline oil price assumptions: US$57 per barrel in 2019–20, increasing to US$60 per barrel over the medium term.\n- Non-oil growth projected to increase to about 3.5 percent in 2020 as capital project implementation accelerates.\n- Oil output expected: 2 percent growth in 2019, 2.5 percent in 2020.\n- Inflation expected to rise in 2019–20 to about 2.5 percent.\n- Baseline fiscal measures assumed: excises on tobacco and sugary drinks in FY2020/21; VAT in FY2021/22; small increases in fees for government services; stricter enforcement of eligibility rules for transfers.\n- Under these measures, underlying fiscal position (non-oil fiscal balance excluding investment income) projected to improve by 13.5 percentage points of non-oil GDP by FY2024/25.\n- Overall fiscal balance projected to deteriorate by almost 8.5 percentage points of GDP over the same period (mainly reflecting projected decline in oil revenues in 2019).\n- Authorities' principal fiscal measure—overall balance excluding compulsory transfers to the FGF and investment income—will average 13.5 percent of GDP deficit over the medium term.\n- Gross financing needs of US$127 billion over the next 6 years.\n- Baseline assumes parliament will approve new debt law allowing borrowing to resume in FY2019/20; delay would force sole reliance on the GRF.\n- Credit expected to accelerate as growth recovers, capital projects come on stream, supported by ample banking liquidity and easing of lending limits on personal loans.\n- Key risks:\n - Sustained drop in oil prices (e.g., from heightened trade tensions or weaker global growth) could produce twin deficits, large financing needs, tightening credit, and asset quality deterioration.\n - Delays in fiscal and structural reforms could slow growth and increase fiscal deficits, raise funding costs and rollover risks for government and banks.\n - Heightened security tensions and adverse geopolitical developments in the region could dampen confidence, investment, and growth.\n- If risks materialize, Kuwait could draw on its large financial assets to meet fiscal financing needs while mitigating impacts on financial sector and real economy." }, { "heading": "Policy Discussions — A. Bolstering Long-term Fiscal and Macroeconomic Sustainability", "content": "- Fiscal adjustment should be primarily expenditure-based, supported by non-oil revenue mobilization.\n- Government spending as a share of GDP rose fastest in the GCC during a period of high oil prices and is currently the highest in the region.\n- Measures to reduce government spending while cutting inefficiencies:\n - (i) closing loopholes in administration of various transfers,\n - (ii) improving procurement,\n - (iii) limiting grants to priority sectors,\n - (iv) rationalizing capital expenditure.\n- Increase non-oil revenue:\n - Secure parliamentary support for GCC-wide excise taxes on tobacco and sugary drinks and VAT.\n - VAT at proposed low 5 percent rate: moderate and temporary adverse impact on growth and inflation; yields stable revenue and helps upgrade tax administration.\n - Preparatory work to build administration capacity is encouraged.\n - Alternative measures if VAT delayed: (i) repricing government services, (ii) enforcing penalties for not meeting Kuwaitization quotas, (iii) strengthening revenue collection, including for public utilities.\n- Intergenerational savings gap: measures under consideration would not close the gap; government’s non-oil balance would fall well short—gap of 13.5 percent of non-oil GDP by 2024.\n- Mission proposes a path to close intergenerational savings gap over next decade:\n - Most adjustment from spending, which would decline to about 75 percent on non-oil GDP by 2024 (level broadly consistent with 2000-10).\n - Curtail public wage bill (currently 18 percent of GDP):\n - Centralize compensation policy, harmonize public wage grid, align public sector wages with private sector, foster merit-based compensation.\n - Reduce public-private wage premia and limit public employment growth.\n - Note: early retirement bill recently approved by parliament could increase relative attractiveness of civil service while imposing budgetary cost.\n - Gradually phase out fuel, electricity, and water subsidies and transfers (subsidy bill at 5.3 percent of GDP).\n - Raise public awareness of budgetary costs, distortions, and distributional impact.\n - Rationalize transfers by consolidating programs, improving targeting, and enforcing eligibility.\n - Broaden profit tax coverage to all companies operating in Kuwait and introduce excise on luxury goods; personal income tax on high-income individuals could be an alternative.\n - Rebalance spending toward capital with improved implementation and pursue public investment management reforms; undertake a public investment management assessment.\n- Strengthen fiscal governance:\n - Address shortcomings in public procurement, spending efficiency, and fiscal transparency.\n - Welcome anti-corruption strategy and efforts to strengthen Anti-Corruption Agency (ACA).\n - Encourage prompt implementation of procurement law (passed in 2016).\n - Consider a focused Public Expenditure Review of education and healthcare spending.\n - Adopt GFSM2014 methodology and improve timeliness of intra-year budgetary execution data.\n - Expand coverage to off-budget entities, debt, and contingent liabilities; increase transparency over management of oil revenues; conduct a Fiscal Transparency Evaluation.\n- Strengthen medium-term fiscal framework:\n - Reintroduce 3-year expenditure ceilings anchored to long-term fiscal objective (e.g., intergenerational equity).\n - Set time-consistent path for intermediary targets such as non-oil primary balance.\n - Strengthen top-down budgeting and expenditure control mechanisms.\n - Consider fiscal risks from public pensions, state-owned enterprises, and public-private partnerships; develop contingent liabilities framework.\n- Debt management and capital market development:\n - Approval of new debt law would allow resumption of domestic borrowing and absorption of structural excess liquidity.\n - Gradually increase tenor of bonds and issue sovereign Sukuk to widen investor base.\n - Establish asset-liability management committee between Ministry of Finance, CBK, Kuwait Investment Authority, and Kuwait Petroleum Corporation.\n - Publish regular issuance calendar and move to market-based auctions to allow price discovery.\n- Exchange rate policy:\n - Peg to an undisclosed basket remains appropriate as effective nominal anchor.\n - Staff’s external sector assessment suggests a moderate current account gap, mostly closable by increasing fiscal savings.\n - As economy diversifies, benefits of greater exchange rate flexibility may increase.\n- Statistics:\n - Encourage increased support to the Central Statistical Bureau for capacity building and strengthening data provision arrangements." }, { "heading": "Policy Discussions — B. Safeguarding Financial Stability", "content": "- CBK prudential regulation and supervision have kept banking sector resilient.\n - Banks under Basel III regulations for capital, liquidity, and leverage.\n - Transitioned to IFRS9 in January 2019 with little impact due to precautionary loan-loss provisioning.\n - FSAP found banks resilient to various stress test scenarios.\n- Main banking sector vulnerabilities:\n - High concentration of loans to single borrowers and large depositors,\n - Common exposures (particularly in real estate),\n - Interconnectedness of financial system.\n- CBK actions and recommendations:\n - Continuous calibration of macroprudential tools to balance stability and credit growth.\n - Plans to upgrade stress-testing techniques and early warning indicators.\n - Gradual relaxation of interest rate ceilings as banks enhance credit-risk assessment to better price risks and expand lending.\n- Supervisory regime enhancements:\n - Better integrate on- and off-site supervision, enhance consolidated supervision, and strengthen cross-border supervision.\n - Draft amendments to CBK law to establish centralized Shariah Board at CBK to reduce inconsistent Shariah interpretation.\n - Strengthen AML/CFT framework, improve coordination between Financial Intelligence Unit (FIU), ACA, and CBK.\n- Systemic risk oversight and crisis management:\n - Draft law assigning CBK an explicit financial stability mandate and creating Financial Stability Committee to coordinate CBK, Capital Markets Authority, Ministry of Finance, and Ministry of Commerce and Industry.\n - Reforms to enhance corrective action framework, establish special resolution regime for banks, mandate bank recovery planning, and reform blanket guarantee of deposits.\n - Progress would promote market discipline, allow orderly resolution, and safeguard fiscal resources.\n- Liquidity management:\n - CBK reviewing forecasting framework to improve accuracy and extend forecast period.\n - Information-sharing between CBK and relevant agencies is essential.\n - Gradual reduction of ample liquidity needed to incentivize bank balance-sheet management and develop interbank market; reduce reliance on CBK for non-emergency liquidity." }, { "heading": "Policy Discussions — C. Boosting Private Sector-led Growth and Economic Diversification", "content": "- A vibrant private sector is essential to create jobs for large number of Kuwaiti youth entering labor market.\n- Structural reforms should create incentives for entrepreneurship, foster productivity and competitiveness, and encourage private initiative.\n- Business environment improvements:\n - Streamlined registration and licensing, digitalized administrative procedures, relaxed restrictions on foreign direct investment.\n - Further reforms needed: eliminate excessive regulations, ease trading-across-borders costs, enhance market competition, reduce foreign ownership restrictions, improve access to land.\n- Privatization and PPPs:\n - Legal and institutional frameworks improved, but privatizations and PPPs have yet to gather momentum; several projects in pipeline.\n - Authorities should accelerate execution, ensure transparent and competitive implementation, and limit hidden costs and contingent liabilities.\n- Education and labor market reforms:\n - Comprehensive education reform and enhanced vocational training to produce a better-skilled workforce.\n - Revamp public wage subsidies for nationals working in private sector to be time-bound and targeted toward younger Kuwaitis.\n- Focus on SMEs:\n - Mission welcomes revised definition of SMEs.\n - National Fund for SME Development, with recent mandate changes, can provide equity finance, train entrepreneurs, and encourage SME integration into supply chains.\n- Growth potential from reforms:\n - Rebalancing government spending toward growth-enhancing investment, strengthening governance, and increasing private sector role could raise Kuwait’s non-oil growth potential to 5 percent, from 4 percent currently." }, { "heading": "Key Selected Economic Indicators (excerpts)", "content": "- Total oil and gas exports (billions of U.S. dollars): 97.6 (2014), 48.5 (2015), 41.5 (2016), 49.6 (2017), 65.7 (2018), 53.4 (2019), 55.8 (2020), 58. 0 (2021), 59.8 (2022), 61.8 (2023), 63.7 (2024).\n- Average oil export price (U.S. dollars/barrel): 96.5 (2014), 49.0 (2015), 41.0 (2016), 70.6 (2017), 56.4 (2018), 57.5 (2019), 58.3 (2020), 59.1 (2021), 60.0 (2022), 60.8 (2023).\n- Crude oil production (millions of barrels/day): 2.87 (2014), 2.86 (2015), 2.95 (2016), 2.70 (2017), 2.74 (2018), 2.79 (2019), 2.93 (2020), 2.99 (2021), 3.05 (2022), 3.11 (2023).\n- Nominal GDP (market prices, in billions of Kuwaiti dinar): 46 (2014), 34 (2015), 33 (2016), 36 (2017), 43 (2018), 40 (2019), 42 (2020), 45 (2021), 47 (2022), 50 (2023), 52 (2024).\n- Nominal GDP (market prices, in billions of U.S. dollars): 163 (2014), 115 (2015), 109 (2016), 120 (2017), 141 (2018), 132 (2019), 139 (2020), 147 (2021), 155 (2022), 164 (2023), 173 (2024).\n- Real GDP annual changes: 0.5 (2014), 0.6 (2015), 2.9 (2016), -3.5 (2017), 1.7 (2018), 2.5 (2019), 2.7 (2020).\n- Real oil GDP annual changes: -2.1 (2014), -1.7 (2015), 3.9 (2016), -7.2 (2017), 1.2 (2018), 2.0 (2019).\n- Real non-oil GDP annual changes: 4.9 (2014), 4.2 (2015), 1.4 (2016), 2.1 (2017), 3.0 (2018), 3.5 (2019), 3.4 (2020), 3.2 (2021), 3.7 (2022), 4.0 (2023).\n- CPI inflation (average): 3.1 (2014), 1.5 (2015), 0.7 (2016), 4.7 (2017).\n- Budgetary operations (percent of GDP) highlights:\n - Revenue: 67.4 (2014), 52.3 (2015), 52.8 (2016), 58.9 (2017), 60.4 (2018), 56.8 (2019).\n - Oil revenue: 51.9 (2014), 35.4 (2015), 34.5 (2016), 38.0 (2017), 43.2 (2018), 37.9 (2019).\n - Non-oil revenue: 15.4 (2014), 16.9 (2015), 18.3 (2016), 20.9 (2017), 17.3 (2018), 18.9 (2019).\n - Investment income: 10.6 (2014), 13.3 (2015), 14.6 (2016), 16.4 (2017), 13.0 (2018), 14.3 (2019).\n - Expenditures: 48.8 (2014), 52.7 (2015), 50.8 (2016), 48.6 (2017), 52.0 (2018), 52.4 (2019).\n - Expense: 43.3 (2014), 45.0 (2015), 44.2 (2016), 42.6 (2017), 40.9 (2018), 43.4 (2019).\n - Capital: 5.4 (2014), 7.7 (2015), 8.1 (2016), 8.2 (2017), 7.8 (2018), 8.5 (2019).\n - Balance: 18.6 (2014), -0.3 (2015), 11.8 (2016), 5.3 (2017), 4.5 (2018), 3.8 (2019).\n - Balance (after transfers to FGF and excl. investment income): 2.3 (2014), -17.5 (2015), -17.9 (2016), -12.6 (2017), -6.0 (2018), -13.7 (2019).\n - Non-oil balance excl. investment income (percent of non-oil GDP): -102.5 (2014), -88.3 (2015), -83.8 (2016), -86.4 (2017), -87.4 (2018), -84.8 (2019).\n - Excluding oil-related subsidies and benefits (percent of non-oil GDP): -81.2 (2014), -77.5 (2015), -74.8 (2016), -77.3 (2017), -77.1 (2018), -76.3 (2019).\n - Total gross debt (calendar year): 10.0 (2014), 20.7 (2015), 14.8 (2016), 18.4 (2017), 21.5 (2018), 26.6 (2019).\n- Money and credit:\n - Net foreign assets: 3.6 (2014), -3.1 (2015), 5.5 (2016), 7.3 (2017), 5.9 (2018), 6.6 (2019).\n - Claims on nongovernment sector: 5.2 (2014), 7.6 (2015), 2.8 (2016), 6.0 (2017), 6.8 (2018), 7.4 (2019).\n - Kuwaiti dinar 3-month deposit rate (year average; in percent): 0.8 (2014), 1.1 (2015), 2.4 (2016).\n- External sector:\n - Exports of goods (billions of U.S. dollars): 104.5 (2014), 54.5 (2015), 46.5 (2016), 55.1 (2017), 71.6 (2018), 59.7 (2019).\n - Non-oil exports (annual percent change): 7.0 (2014), 5.6 (2015), 6.3 (2016), 7.1 (2017).\n - Current account (billions of U.S. dollars): 54.4 (2014), -5.1 (2015), 6.4 (2016), 9.9 (2017), 10.9 (2018), 10.8 (2019).\n - Current account (percent of GDP): 33.4 (2014), -4.6 (2015), 6.9 (2016).\n - International reserve assets: 32.3 (2014), 28.3 (2015), 33.0 (2016), 36.5 (2017), 40.3 (2018).\n - International reserves in months of next year's imports: 6.5 (2014), 7.2 (2015).\n- Memorandum items:\n - Exchange rate (U.S. dollar per KD, period average): 3.52 (2014), 3.32 (2015), 3.31 (2016).\n - Nominal effective exchange rate (percentage change): 2.6 (2014), 0.2 (2015).\n - Real effective exchange rate (percentage change): 0.4 (2014), -0.7 (2015).\n\nIMF staff concluding statement, January 28, 2019.\n\n---\n\n\n References\n\n- Kingdom of Bahrain and the IMF\n- Kuwait and the IMF\n- Oman and the IMF\n- Qatar and the IMF\n- Saudi Arabia and the IMF\n- United Arab Emirates and the IMF\n- IMF Policy Advice -- A Factsheet\n- The IMF and Good Governance -- A Factsheet\n- Mission Concluding Statements\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2019/01/28/ms012819kuwait-staff-concluding-statement-of-the-2018-article-iv-mission" } ], "bullets": [ "[Markdown version](/en/news/articles/2019/01/28/ms012819kuwait-staff-concluding-statement-of-the-2018-article-iv-mission/index.md)", "[Structured JSON version](/en/news/articles/2019/01/28/ms012819kuwait-staff-concluding-statement-of-the-2018-article-iv-mission/index.json)", "[Bundle manifest](/en/news/articles/2019/01/28/ms012819kuwait-staff-concluding-statement-of-the-2018-article-iv-mission/bundle-manifest.json)", "Published: January 28, 2019", "Higher oil prices in 2017–18 lifted growth and improved fiscal and external balances.", "Hydrocarbon output is estimated to have risen by 1.2 percent in 2018 following a contraction a year earlier.", "Non-oil growth accelerated to 2.5 percent in 2018.", "Current account balance moved into surplus in 2017 (almost 6 percent of GDP) and is estimated at 13.2 percent in 2018.", "Inflation reached a multiyear low of 0.7 percent in 2018.", "FY2017/18 overall fiscal balance improved to an estimated surplus of 8 percent of GDP; expected to reach almost 12 percent of GDP in FY18/19.", "Fiscal financing needs—overall balance excluding investment income and compulsory transfers to the Future Generations Fund (FGF)—remained large at 12.5 percent of GDP in FY2017/18.", "Delays in passage of a new debt law prevented government from issuing debt since October 2017; government drew on General Reserve Fund (GRF) assets, including to pay for maturing debt.", "Private credit grew 3 percent year-on-year in November 2018.", "Central Bank of Kuwait (CBK) kept policy lending rate at 3 percent while raising its repo rate several times.", "Banking sector indicators: capitalization (CAR) of 18 percent; return on assets 1.3 percent in September 2018; NPLs net of specific provisions at 1.4 percent of gross loans.", "Real estate sales rebounded since mid-2018; Kuwaiti stocks outperformed other GCC markets following March 2018 announcement of inclusion in the FTSE Russell Emerging Market Index.", "Baseline oil price assumptions: US$57 per barrel in 2019–20, increasing to US$60 per barrel over the medium term.", "Non-oil growth projected to increase to about 3.5 percent in 2020 as capital project implementation accelerates.", "Oil output expected: 2 percent growth in 2019, 2.5 percent in 2020.", "Inflation expected to rise in 2019–20 to about 2.5 percent.", "Baseline fiscal measures assumed: excises on tobacco and sugary drinks in FY2020/21; VAT in FY2021/22; small increases in fees for government services; stricter enforcement of eligibility rules for transfers.", "Under these measures, underlying fiscal position (non-oil fiscal balance excluding investment income) projected to improve by 13.5 percentage points of non-oil GDP by FY2024/25.", "Overall fiscal balance projected to deteriorate by almost 8.5 percentage points of GDP over the same period (mainly reflecting projected decline in oil revenues in 2019).", "Authorities' principal fiscal measure—overall balance excluding compulsory transfers to the FGF and investment income—will average 13.5 percent of GDP deficit over the medium term.", "Gross financing needs of US$127 billion over the next 6 years.", "Baseline assumes parliament will approve new debt law allowing borrowing to resume in FY2019/20; delay would force sole reliance on the GRF.", "Credit expected to accelerate as growth recovers, capital projects come on stream, supported by ample banking liquidity and easing of lending limits on personal loans.", "Key risks:", "If risks materialize, Kuwait could draw on its large financial assets to meet fiscal financing needs while mitigating impacts on financial sector and real economy.", "Fiscal adjustment should be primarily expenditure-based, supported by non-oil revenue mobilization.", "Government spending as a share of GDP rose fastest in the GCC during a period of high oil prices and is currently the highest in the region.", "Measures to reduce government spending while cutting inefficiencies:", "Increase non-oil revenue:", "Intergenerational savings gap: measures under consideration would not close the gap; government’s non-oil balance would fall well short—gap of 13.5 percent of non-oil GDP by 2024.", "Mission proposes a path to close intergenerational savings gap over next decade:", "Strengthen fiscal governance:", "Strengthen medium-term fiscal framework:", "Debt management and capital market development:", "Exchange rate policy:", "Statistics:", "CBK prudential regulation and supervision have kept banking sector resilient.", "Main banking sector vulnerabilities:", "CBK actions and recommendations:", "Supervisory regime enhancements:", "Systemic risk oversight and crisis management:", "Liquidity management:", "A vibrant private sector is essential to create jobs for large number of Kuwaiti youth entering labor market.", "Structural reforms should create incentives for entrepreneurship, foster productivity and competitiveness, and encourage private initiative.", "Business environment improvements:", "Privatization and PPPs:", "Education and labor market reforms:", "Focus on SMEs:", "Growth potential from reforms:", "Total oil and gas exports (billions of U.S. dollars): 97.6 (2014), 48.5 (2015), 41.5 (2016), 49.6 (2017), 65.7 (2018), 53.4 (2019), 55.8 (2020), 58. 0 (2021), 59.8 (2022), 61.8 (2023), 63.7 (2024).", "Average oil export price (U.S. dollars/barrel): 96.5 (2014), 49.0 (2015), 41.0 (2016), 70.6 (2017), 56.4 (2018), 57.5 (2019), 58.3 (2020), 59.1 (2021), 60.0 (2022), 60.8 (2023).", "Crude oil production (millions of barrels/day): 2.87 (2014), 2.86 (2015), 2.95 (2016), 2.70 (2017), 2.74 (2018), 2.79 (2019), 2.93 (2020), 2.99 (2021), 3.05 (2022), 3.11 (2023).", "Nominal GDP (market prices, in billions of Kuwaiti dinar): 46 (2014), 34 (2015), 33 (2016), 36 (2017), 43 (2018), 40 (2019), 42 (2020), 45 (2021), 47 (2022), 50 (2023), 52 (2024).", "Nominal GDP (market prices, in billions of U.S. dollars): 163 (2014), 115 (2015), 109 (2016), 120 (2017), 141 (2018), 132 (2019), 139 (2020), 147 (2021), 155 (2022), 164 (2023), 173 (2024).", "Real GDP annual changes: 0.5 (2014), 0.6 (2015), 2.9 (2016), -3.5 (2017), 1.7 (2018), 2.5 (2019), 2.7 (2020).", "Real oil GDP annual changes: -2.1 (2014), -1.7 (2015), 3.9 (2016), -7.2 (2017), 1.2 (2018), 2.0 (2019).", "Real non-oil GDP annual changes: 4.9 (2014), 4.2 (2015), 1.4 (2016), 2.1 (2017), 3.0 (2018), 3.5 (2019), 3.4 (2020), 3.2 (2021), 3.7 (2022), 4.0 (2023).", "CPI inflation (average): 3.1 (2014), 1.5 (2015), 0.7 (2016), 4.7 (2017).", "Budgetary operations (percent of GDP) highlights:", "Money and credit:", "External sector:", "Memorandum items:", "[Kingdom of Bahrain and the IMF](http://www.imf.org/external/country/BHR/index.htm)", "[Kuwait and the IMF](http://www.imf.org/external/country/KWT/index.htm)", "[Oman and the IMF](http://www.imf.org/external/country/OMN/index.htm)", "[Qatar and the IMF](http://www.imf.org/external/country/QAT/index.htm)", "[Saudi Arabia and the IMF](http://www.imf.org/external/country/SAU/index.htm)", "[United Arab Emirates and the IMF](http://www.imf.org/external/country/ARE/index.htm)", "[IMF Policy Advice -- A Factsheet](https://www.imf.org/en/about/factsheets/imf-surveillance)", "[The IMF and Good Governance -- A Factsheet](https://www.imf.org/en/about/factsheets/sheets/2023/the-imf-and-good-governance)", "[Mission Concluding Statements](https://www.imf.org/en/news/searchnews)", "[PRESS CENTER](http://presscenter.imf.org/)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "alternates": { "markdown": "/en/news/articles/2019/01/28/ms012819kuwait-staff-concluding-statement-of-the-2018-article-iv-mission/index.md", "json": "/en/news/articles/2019/01/28/ms012819kuwait-staff-concluding-statement-of-the-2018-article-iv-mission/index.json", "bundleManifest": "/en/news/articles/2019/01/28/ms012819kuwait-staff-concluding-statement-of-the-2018-article-iv-mission/bundle-manifest.json" }, "generatedAtUtc": "2026-09-25T22:28:56.998Z" }