Saleh is pushing a plan to reduce reliance on oil. AFP / YASSER AL-ZAYYAT
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Anas al-Saleh, Kuwait's deputy premier, said that the government isn't canceling any projects.Saleh, the finance minister and the country's acting oil chief, is pushing a plan to reduce Kuwait's reliance on oil, a challenge shared by major crude exporters from Saudi Arabia to Nigeria. Measures include reducing utility subsidies, introducing corporate taxes, merging state entities to downsize the government and tapping local and international debt markets.Kuwait has enough financial firepower to respond gradually to the plunge in global crude prices, the oil chief said.Steps taken so far include starting a domestic bond-sale program, and the government is planning to tap global debt markets to help finance the deficit and avoid drying up domestic liquidity.Saleh said Kuwait's Investment Authority, which describes itself as the world's oldest sovereign wealth fund, is targeting global infrastructure projects after taking part in a consortium that bought the London City Airport this year.
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