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Kuwait’s FM: Economic stimulus plan will restore confidence


Kuwait’s finance minister says a much-awaited economic stimulus package will ‘plant confidence’ in the country’s financial and banking sectors.

Mostafa al-Shimali told Al-Watan daily in remarks published Sunday that the bill will allow banks to save troubled companies and will guarantee bank facilities to companies.

He did not elaborate, but his remarks were the first official glimpse into the plan, which the Cabinet is expected to approve Monday.

Kuwait has grappled with low oil prices and the impact of the global financial crisis. The stimulus plan was proposed by a government task force to mitigate the effects of the financial meltdown on the oil-dependent nation.