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International Monetary Fund

Wealth under the PIH, 2005–2115 III.6. Non-oil Net Primary Balance to Non-oil GDP Ratio, 2005–35 III.7. Financial Assets Net of Financial Debt, 2005–35 IV. Are Lending Rate Ceilings Hampering the Development of Small- and Medium-Sized Enterprises in Kuwait? Introduction Theoretical Background Interest Rate Ceilings: Selected Cases Interest Rate Ceilings in Kuwait Conclusions and Policy Recommendations References: Text Boxes IV.1. Financial Repression and Economic Growth: Theoretical Background IV.2. Selected Country Case Studies: The

International Monetary Fund

-up of public sector assets, and continued price stability have laid the foundation for a private sector-led nonoil domestic economic recovery. Against this optimistic setting, this Selected Issues paper contains four studies examining the key issues associated with the low real economic growth experienced in recent years, sustainability of the current fiscal policy stance, implications of the lending rate ceilings on small and medium enterprises, and some aspects of the recent stock market developments in the Gulf Cooperation Council (GCC) markets, with emphasis on

International Monetary Fund

non-oil economic growth and employment. We conclude that, given the data available, lending rate ceilings in Kuwait do not appear to be a major deterrent in the creation and development of SMEs. This is so because, despite the likely binding effect of the ceilings, the public sector provides ample financing under concessional conditions to all SMEs that meet some predetermined criteria. Furthermore, despite the virtual nonexistence of financial products targeted to the SMEs in the traditional banking sector, Islamic banks provide an effective funding channel which

International Monetary Fund
This Selected Issues paper on Kuwait reviews its economic development strategy and uses a variety of analytical methods to highlight Kuwait’s policy challenges and their effectiveness. Kuwait has accumulated large fiscal surpluses, enabling it to build up a sizable asset position for future generations. The fiscal position is also expected to remain comfortable over the medium term, but the recent rapid increase in expenditures raises doubts about the sustainability of the current fiscal stance over the longer term.
International Monetary Fund. African Dept.
This Selected Issues paper presents an analysis of change in Zambia’s mining fiscal regime. Foreign investment has revived Zambia’s mining sector. However, its mining sector’s direct contribution to government revenues has been low. Reflecting persistent concerns about the low contribution of the mining sector to budget revenues, the government has amended the fiscal regime many times over the last seven years. The 2015 budget introduced major changes to the mining fiscal regime. The authorities estimate that the change would boost budget revenues from the mining sector by about 1 percent of GDP, based on an assumption that the change would have no adverse impact on production.