Mubasher: Moody's Investors Service said the results of Kuwait’s parliamentary elections reflects "a repudiation of the government’s austerity measures”.
“This is credit negative because it will likely sway the government’s willingness to implement fiscal and economic reforms to reduce the country’s dependence on oil,” Moody's said in a statement.
In the elections, opposition groups won 24 out of 50 contested seats and voter turnout was around 70%, higher than the 52% participation reported during the last election in July 2013.
Most of the newly elected parliament members had expressed strong opposition to the government’s subsidy and fiscal reforms.
Moody’s notes that limited implementation of fiscal and economic reforms would erode Kuwait’s economic and fiscal strength.
