KUWAIT CITY, July 11: The Kuwaiti Economic Society has criticized the recent statements made by the Finance Minister regarding budget waste and the deficit, describing them as “useless rhetoric” and “disappointing and modest statements that belittle people’s minds and feelings,” reports Al- Seyassah daily. The Society noted that the interview was a missed opportunity for specialists and economists to understand the government’s upcoming economic direction, as it lacked performance, transparency, abundant information, and economic depth. In an official statement, the society emphasized that interviews with finance ministers in neighboring countries typically include detailed visions and future plans with specific time frames.

Such interviews are opportunities for ministers to highlight their ministry’s work with high transparency and professionalism. However, the Finance Minister’s interview fell short, leading to frustration due to poor preparation and shallow questions, which did not take into account the opinions and advice of specialists in public benefit associations. The Kuwaiti Economic Society proposed six main points to the country’s political leadership as an effective recipe for improving the economic scene and achieving societal welfare: Fair Distribution of Support -- The Society emphasized the importance of fair distribution of subsidies for fuel, electricity, water, industrial and agricultural lands, and support for national labor.

It highlighted the unfairness of equating subsidies for individuals with vastly different needs and capacities. Identifying Causes of Budget Waste -- The Society criticized the Minister of Finance’s statements as “nonsensical talk” for failing to address the specific causes, motives, and sources of budget waste. Activating Public-Private Partnerships -- The Society called for activating partnerships between the public and private sectors to enhance economic performance. Supporting Local Products and Small Projects -- The Society stressed the necessity of supporting local products and protecting Kuwaiti factories from dumping policies, opening licenses for activities of manufacturing, producing, refining, and converting raw materials, and supporting small projects to establish a diverse and sustainable national economy. Addressing Economic Reform -- The Society reiterated that economic reform should begin with the fair distribution of subsidies and not burden citizens with the consequences of slow reform.

The dominance of the public sector, which accounts for two-thirds of GDP, weakens the country’s economic performance, leaving the private sector unable to compete regionally and globally. Public Debt and Spending Plan -- The Society pointed out the ambiguity and inefficiency in the government’s inability to move according to a tight program by approving public debt through a spending plan that led to financing the deficit by withdrawing from liquid assets.