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Kuwait to boost privatization, encourage nationalization
Academics and Politicians have warned that the current spending policy of the state, which is not based on sufficient studies, is likely to have negative impacts.
During a recent seminar, organized by Kuwait University, which included discussions on increase in prices and salaries, the politicians were of the opinion that salary increase will not solve the problem of inflation.
Ahmad Baqer, the Member of Parliament (MP) said that the legislative and executive authorities approved many laws which increased expenditures, which affected the state’s budget in a negative manner and hindered strategic projects.
He emphasized that the solution now is to encourage privatization, and to prompt private sectors to hire Kuwaitis.
According to Dr. Rola Dashti, the Head of Kuwait Economic Society, the State has spent about KD1.3billion during the last five years on grants and salary increases along, and the situation has not yet improved.
In the meanwhile, Economy Professor at Kuwait University, Dr. Abbas Al-Mirjin, said that the main reason for inflation in Kuwait is the increase in the cost imported products, apart from the pegging of Kuwaiti Dinar to the US dollar over the past few years. Other reasons of inflation are the increased ease in obtaining loans, which has led to consumer loans being quadrupled during the past six years.
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