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KUWAIT CITY, May 26: World Bank Regional Director for the Gulf Cooperation Council Issam Abousleiman said the rising prices of oil and improved financial revenues offered the State of Kuwait “a golden chance” to press ahead with the economic reforms in the short run. Kuwait is more able to ensure sustainable growth if it embarks on restructuring key economic sectors and rationalizing the subsidy, he said in an interview with KUNA on Thursday on the occasion of the latest issue of the World Bank Gulf Economic Update (GEU).
To ensure sustainable growth, the Kuwaiti government could advisable direct to the least advantaged citizens and minimize the privileges offered to the high-income ones, he noted. “The currently robust returns from high prices of oil can help the government pump more investment into non-oil projects and green economy initiatives with a view to alleviating reliance on oil as the main source of income,” Abousleman suggested. “To build a more sustainable green oil is not easy, but Kuwait is able to take up the challenge thanks to is strong financial position,” he went on.
The WB official noted that the WB Group was fully ready to help the Kuwaiti government transform from an economy which is over 90 percent reliant on oil to an advanced green economy with diversified sources of income. He added that some GCC economies showed promising signs of great reforms as seen in diversified sources of income, the introduction of new elements of production. Praising Kuwait as a key partner of the WB, Abousleiman renewed the Bank’s commitment to support the New Kuwait 2035 vision through provision of its expertise to all government bodies, continue the fruitful decades-long cooperation with Kuwait. (KUNA)