KUWAIT CITY, Aug 18, (KUNA): Real-estate experts praised the recent statements by HH the Amir regarding looming challenges facing the country and urged the supreme advisory panel to work out plans for shoring up the national economy.
President of the Real-Estate Union Toufic Al-Jarrah said in remarks to KUNA that HH the Amir’s speech reflected His Highness’ personal concern at the economic challenges and his in-depth reading of the state financial status.
His Highness has been sensing the predominant worries regarding spending and consumption policies that result in increasing the burden on the state budget, he said.
He re-affirmed the necessity to diversify the resources of income and cut dependence on oil as the sole source of revenues.
Al-Jarrah called for allocating new plots of land in a bid to shore up the ailing property sector and restoring the major role of the private sector for the renovation of the infrastructure.
Leaders of the national economic sector share HH the Amir’s aspiration to create “a stable and solid economic environment.
“Every body is worried about the future of the economy of Kuwait, and we should be prepared to bear the burden of responsibilities.” Tareq Al-Atiqi, the general manager of the Kuwait Clearance Company, praised HH the Amir’s statements namely his concern at the future of Kuwait and its people.
Alarm bell must be sounded vis a vis the state financial condition, as to the need to slash expenditures, Al-Atiqi said.
Main current concern is the prospect that the global demand for oil may drop as a result of the economic slump in many major industrial nations, thus the prices of the crude are forecast to fall, and this eventuality will affect the Kuwaiti economy, he warned.
As to remedies, he called for balancing spending with income. Moreover, he called for cutting the allocations for salaries and wages, giving the private sector greater role in the development for sake of creating jobs for the nationals and shoring up the national economy, some sectors of which have been in recession since flare-up of the global economic crisis in 2008, he said.
Members of the National Assembly, particularly those specialized in economies, must bear the brunt of the responsibilities with regard of rationing spending, reviewing the state spending policies, particularly on raises, promotions and wages, that have become the major burden on the budget, he added.
Qais Al-Ghanem, the Secretary of the Real-Estate Union, said HH the Amir’s speech reflected the hard condition of the national economy, urging the government to take into consideration advices given by international agencies and authorities as to slashing the expenditures that had alarmingly grown over the past ten years.
He also called for cutting the interest rate to spur the banks to restore financing and crediting for the private sector, currently suffering from severe shortage of liquidity.