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By Reuters Staff 2 Min Read DUBAI (Reuters) -The International Monetary Fund said on Thursday Kuwait would need strong fiscal consolidation to support growth after its finances were battered last year. The Gulf state’s economy shrank by 8% last year, the Fund said in a statement on Thursday, adding that the country’s fiscal balance worsened significantly year-on-year. Kuwait, like other oil exporters in the region, was hurt by the double shock of low oil prices and the COVID-19 pandemic, but a standoff between government and parliament has added pressure as reforms needed to refill state coffers have stalled. The IMF expects a gradual recovery and said that, as the recovery firms up, “strong fiscal consolidation and structural reforms would be needed to preserve fiscal buffers and strengthen growth.”

United arab emiratesDavide barbusciaJon boyleThomson reuters trust principlesInternational monetary fundThursday kuwaitThomson reuters trustஒன்றுபட்டது அரபு அமீரகங்கள்ஜான் பாயில்தாம்சன் ராய்ட்டர்ஸ் நம்பிக்கை ப்ரிந்ஸிபல்ஸ்சர்வதேச பண நிதிவியாழன் குவைத்தாம்சன் ராய்ட்டர்ஸ் நம்பிக்கை