Blueprint for economic reforms to be submitted to parliament next week – Min

KUWAIT, March 9 (KUNA) — Deputy Prime Minister and Minister of Finance Anas Al-Saleh said Wednesday that the government will present the draft economic reforms to the National Assembly next week.
The document consists of six axes foremost among which are the financial reform, redrawing of the state role in national economy, and revitalizing the private sector’s role in economic recovery, Al-Saleh, also acting minister of oil, said.
The minister made the press remarks on the sidelines of Kuwait Investment Forum which came to a close this evening.
“The reforms also include revamping the economic legislations and institutions, involving the public in funding the projects, and reforming the labor market and the civil service system,” he said.
“The document, the fruit of several studies in the past, includes 80 practical programs of action with different time schedules. These include 23 short-term programs, 13 medium-term programs and four short-to-medium term programs,” Al-Saleh pointed out.
He affirmed that the state departments take seriously the implementation of these programs in the hope of realizing the objectives of the plan and revitalizing the national economy as early as possible.
He highlighted the importance of rationalizing the state subsidy and ending all forms of extravagance in public spending as part of the financial reforms with a view to enabling the state to carry out the ambitious projects in the housing and energy sectors. “The government deals with the economic situation in a transparent way and therefore seeks to put the lawmakers in the picture of the risks of failure to adopt urgent measures to address the situation, serve the interests of the citizens and the state, and ensure decent living in a sustainable way as per the instructions of His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah,” he went on.
Asked about the treasury bonds, Al-Saleh said the joint committee, made up of the finance ministry, the central bank and the investment authority, will announce the volume of these bonds soon.
The planned bonds, together with drawing from the reserve fund, will help generate funds for bridging up the budget deficit, he stated.
Regarding the oil prices, Al-Saleh expected them to range between USD 40 and USD 60 per barrel in 2017-2018.
The State of Kuwait is working with Saudi Arabia, Qatar and the United Arab Emirates to develop a joint stance inside the OPEC regarding the oil production and coordination with non-OPEC oil producers, he added. (end)