The Kuwaiti Minister Highlights Challenges Facing Reform And Growth

At the fourth symposium organized by the Kuwait Economic Society in collaboration with the Sheikh Sabah Al-Salem Al-Mubarak Al-Sabah Foundation, Former Minister of Finance and Minister of State for Economic Affairs and Investment, Manaf Al-Hajri, outlined critical challenges confronting the current economic team under the Prime Minister's leadership.

Al-Hajri emphasized the imperative of addressing popular demands while steering towards a transformative shift in productivity and embracing the knowledge economy. He advocated for decisive measures, including extended working hours and targeted financial assistance to deserving recipients, as reported by Al-Qabas daily.

Key highlights from Al-Hajri's address include the necessity for enhancing regulatory authorities, governance, capacity building, and top-level appointments. Drawing parallels with success stories like the Markets Authority's role in advancing the Kuwait Stock Exchange, he stressed similar advancements across institutions such as the Audit Bureau.

Moreover, Al-Hajri underscored Kuwait's economic potential, urging for optimal utilization of its financial strength, substantial oil reserves, and robust investment experience. He called for substantial economic and financial reforms, advocating for distributed responsibilities across ministries to ensure effective governance.

In addition to Al-Hajri's insights, Faisal Al-Hamad, Head of Wealth Management for the National Bank of Kuwait Group, commended Kuwait's progress in financial market development and stock exchange upgrades. However, he cautioned against complacency, citing concerns over government expenditures outpacing inflation rates.

Al-Hamad emphasized the importance of strategic adjustments to sustain Kuwait's economic viability, particularly in addressing actuarial deficits and promoting private sector employment and investment reforms.

Proposed by Al-Hajri, the new government's economic team would comprise five specialized teams focusing on liquidity management, governance and oversight, continuous improvements in state agencies, immediate citizen needs, and long-term projects supervision.

Meanwhile, Al-Hamad stressed the importance of implementing financial reforms, notably corporate tax, to bolster the state's economy.

In summary, Kuwait faces both challenges and opportunities in its pursuit of economic reform and growth. The symposium's insights underscore the need for decisive actions and strategic reforms to unleash Kuwait's full economic potential.

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