The Economic Affairs Committee warned of deep structural imbalances in the public finances and the exacerbation of the liquidity crisis with the depletion of the General Reserve Fund. The committee estimated the deficit during the next five years to range between 45 to 55 billion dinars, Al-Rai daily reported.
Informed sources revealed to the daily that the team is putting final touches on the national program for economic and financial sustainability in cooperation with the Ministry of Finance for submitting it to the Economic Committee of the Council of Ministers.This economic program extends for 4 years from 2021 to 2025. The program redefines the government’s role in the economy and provides solutions to the deficit.
The employment policy in the public sector is not sustainable, and that there are significant imbalances in the labor market, more than 4 out of 5 Kuwaitis work at government offices.
The program aims to control spending and increase non-oil revenues, and in the medium to long term to support economic diversification, improve the business environment, stimulate private sector growth, and develop the labor market.
The executive program is being developed and revised according to the change of the interim data. The program stressed the development of the labor market by attracting foreign investment and supporting entrepreneurs and the industry sector.
SOURCE : TIMES KUWAIT