The government's program for the legislative term 2023-2027 titled "correcting the path... a productive economy and sustainable prosperity" prioritizes development and reform to face different challenges.
The government's plan, presented to the National Assembly, includes a number of projects aiming to achieve economic diversity, improve its performance and tackle challenges facing Kuwait's economy.
It consists of five articles, including general budget stability, economic agenda, creating job opportunities and developing skills, sustainable stability and strong human capital and a productive government.
Speaking to KUNA on Friday, member of the Financial and Economic Affairs Committee in the National Assembly MP Abdullah Al-Anboie called for focusing on tackling real issues facing Kuwaitis. He applauded the step to establish the development fund aiming to nationalize investment in Kuwait's economy and enhance development, which will in return create job opportunities for Kuwaitis and increase non-oil profits.
The MP also affirmed the need for Kuwaitization of the private sector, noting that about 90 percent of Kuwaitis work in government jobs, with a public budget for salaries about KD 14 billion (about USD 45 billion).
Moreover, he underlined the importance of digitalization of government work, a method of attracting local and foreign investments and improving services.
On his part, Director of Macroeconomics and Fiscal Policy in the Ministry of Finance Dr. Abdulaziz Al-Osaimi said the program includes economic, social and institutional reforms. One of its priorities is establishing economic zones in accordance with international standards and global partnership, enabling the private sector to achieve the goals of Kuwait 2035 vision.
The program also aims to set a medium-term state budget and control public spending, he said. It will also include reviewing pricing on state properties and set a general frame for taxes on big local companies, he added.
Al-Osaimi also said that the program includes the approval of a public debt law, a requirement that global monetary organizations focus on.
It also includes investment in infrastructure in tourism and entertainment, supporting small to medium enterprises (SME), continuous re-evaluation of the minimum wage of retirement salaries and reviewing the public sector's salaries, he said.
The official noted that the program also include launching the GCC joint railroad connection project, inaugurating Kuwait cargo city and establishing a unit to manage the liquidity of the state budget and approve urgent liquidity plans.
Meanwhile, Al-Osaimi said the program aims to upgrade Kuwait's monetary markets rating in FTSE Russell Indexes from emerging markets to advanced emerging markets. As for the petrochemical and oil field, the official said that the government aims to increase oil production to 3.15 million barrels a day, while also increasing the refinery capacity to 1.45 million barrels a day.
On his part, Treasurer of Kuwait Economic Society Abdulaziz Al-Humaidhi affirmed the need to review the article of Kuwait vision 2035 to follow up on regional and international updates, especially economic changes.
He also underlined the importance of fighting corruption and enhancing transparency, as these play a vital role in the country's financial center and its rating in global institutes.
Source: Kuwait News Agency (KUNA)