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Tuesday , November 19 2019

‘Govt’s plan on privatization based on gradual approach’

Kuwait lost ability to achieve required economic change: Al-Bader

KUWAIT CITY, Aug 25: Former member of the Supreme Council for Planning and Development and former chairman of the Gulf Bank Ali Rashid Al- Bader said the government plan on privatization is based on a gradual approach, pointing out that the features of that privatization is according to what is being traded are concentrated in the exit of most if not all government shares in local companies, reports Annahar daily.

Al-Bader acknowledged that Kuwait has lost the ability to achieve the required economic change, pointing out that since liberation, Kuwait is moving with the logic of “Spend what is in your pocket, you will get more from the unknown”.

Hiring tens of thousands in unproductive jobs and building accommodations to house these employees costs a lot in terms of construction, maintenance and operation. On the issue of privatization and the ability of the private sector to enter the field of this trend is a waste of public money, he said, and added, “Yes, it is absolutely necessary to privatize half of the current government business from existing companies and services, schools and hospitals, but that means reducing the state administrative apparatus to 50 percent of its current size.”

Al-Bader pointed out that the second phase of the government orientation in this area is concentrated in privatizing most of the public service activities that are left to citizens who are more effective and productive.
He pointed out that each stage of the privatization of these services will be evaluated and that the working procedures will be revised and adjusted according to each stage.

All citizens will have the opportunity to own the majority of shares of these new companies under favorable conditions. He pointed out that these stages will be accompanied by the provision of the state-rendered health and education insurance for citizens to enable them the best choice to educate their children and provide the necessary health services for his family.

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