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Friday , November 27 2020

KCCI deputy president laments state expenditure-revenue ratio

State should initiate privatization law

KUWAIT CITY, Jan 18: First Deputy President of Kuwait Chamber of Commerce and Industry (KCCI) Abdul-Wahab Al-Wazzan says the state’s general budget for the 2020/2021 fiscal year, which was approved by the Council of Ministers after it was submitted by Minister of Finance Maryam Al- Aqeel, needs deliberation after the minister raised the alarm, reports Al-Qabas daily.

In a press statement, Al-Wazzan stressed that the expenditure column has exceeded the revenues with a deficit estimated at more than KD nine billion, which is the first time in the history of budgets of the past years. According to him, if the situation continues in this manner, the financial situation of the state may be at a great risk.

He said, “We are demanding – as the minister demanded – a review of salaries and subsidies that are estimated at about 71 percent of the state’s general budget. The state should initiate the privatization law and transfer national manpower to the private sector as well as reduce incentives in the public sector, enhance education outcomes by opting for self-employment, and transfer all service institutions and ministries to the private sector”.

Al-Wazzan affirmed the need to reduce the burden on the first chapter (salaries), as well as review subsidies and direct them to those who deserve them and those in need, adding, “otherwise, the state’s financial conditions will not be able to facilitate, and the cumulative status of withdrawal from the state’s general reserve will lead to the draining of such needs”.

He stated, “Before the axe falls on the head, we hope the government, the private sector and the National Assembly will work towards remedying matters and finding effective solutions to surround the financial decline. We realize the size of the responsibility placed on the shoulders of the government, but we must work with joint efforts between the government and the non-governmental sectors to help find solutions.”

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