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MAY 06, 2014 - Yahoo! News

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IMF urges Kuwait to contain rise in wages, subsidies

The International Monetary Fund (IMF) on Tuesday called on OPEC member Kuwait to contain a rapid rise in public wages and subsidies to safeguard the economy against oil price shocks. However, a sustained drop in oil prices could deplete fiscal surpluses and adversely affect long-term fiscal sustainability," said a statement released by an IMF mission after a three-day visit to the Gulf state. "Measures to contain current expenditures, particularly wages and subsidies, and continued heavy dependence on oil revenues are required to mitigate risks to the economy from downward oil ... Read More

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