Kuwaiti Emir stresses the need to invest financial surpluses in the right direction
The Kuwaiti Emir emphasized that economic security is the backbone of any country. However, the practice of abusing financial surpluses by not investing them in the right direction has led to a series of structural imbalances in the national economy that have "become a heavy burden and genuine concern, threatening the country's future and its ability to implement its programs and meet various financial obligations".
The opening of the Advisory Committee for the Research of Local and International Economic Developments was held in Saif's palace recently, in the presence of the crown prince Sheikh Nawaf Al Ahmad Al Jaber Al Sabah, the National Assembly Speaker Jassem Mohammed Al Kharafi and his highness the Prime Minister Sheikh Naser Al Mohammed Al Ahmed Al Sabah. The Prince launched a call to "adopt a group of measures to ensure the correct course of the country's general budget and activate the role of the private sector to assume its responsibility of participating in economic activity and addressing the various imbalances that impede our national economy".
The Prince added, "I know that some sacrifices must be made, for every reform has its price and sacrifices but within minimum possible limits and in a way that achieves balance between the country's interest and the aspirations of citizens and their wishes."
He also called for surpassing the traditional ways of dealing with economic reform by inventing the best, fastest and most flexible ways of reaching desired goals.
President of the National Assembly, Jassem Al Kharafi, said responsibility falls on everyone and they must comprehend that a person by himself cannot function as an entire community. Therefore, duty falls on everyone. He added, "we must urge the Executive Committees to implement treatments and not to freeze decisions that need to be made. Much of the confusion is the delay of a decision".
Abdul Wahhab Al Haroun, the Minister of State for Developmental Affairs, in his speech said that the political leadership in the country, especially the Prince, has accustomed people to the discussion of sensitive issues. Kuwait has a national agreement approved by both the executive and legislative authorities, representing a long-term plan which embodies the vision of the Prince in transforming Kuwait into a commercial and financial centre in the Middle East Region. The development plan contains many programs for the development of education and health, focusing on structural imbalances in the state budget. He pointed to Kuwait's possession of a clear map approved from both executive and legislative authorities, which was issued according to law and therefore these two authorities should commit to its implementation with everyone's cooperation to fix these imbalances.