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ONE of the main causes of poverty in a society is the absence of prudent management of money and assets. Countries that do not take advantage of the opportunities that are available to them condemn themselves to permanent incapacity that generates scarcity in everything, and lack of self-confidence turns into a well-established policy for those who manage institutions.
Therefore, the countries that possess administrations that are attentive to everything that is going on around them and transform threats into opportunities, are the ones that advance, preserve their sovereign assets, and develop public money.
As for the officials who live in the hope that the sky will rain gold on them because they differ from the rest of mankind, such attitudes push their people into poverty and destitution.
Unfortunately, Kuwait has been plagued by a government that is not qualified to run the state. In fact, in the past few years, it has caused many crises because it did not take advantage of the available opportunities.
Given that one has to learn from his experiences, we hope that this “wise” government will be able to benefit from the great rise in oil prices. It has become clear that the oil prices will continue to rise as long as the horizon for solutions to the Russian war on Ukraine is blocked, and events are on the verge of major dramatic developments. If the expectations of observers are true, the price of a barrel of oil will reach more than $150.
A few days ago, Kuwait announced that it raised its production to more than 2.65 million barrels per day. According to a simple calculation, this means more income that must be used for strengthening sovereign assets both at home and abroad. The lost opportunities during the COVID-19 pandemic can then be compensated at this stage.
Furthermore, there are several countries that tend to sell more of their sovereign assets and shares in major companies. It is true that they are currently suffering from a decline, but they will return to profitability in the future. Therefore, the government must buy from those shares and assets.
The strengthening of sovereign money produces solutions for several crises, the first of which may not be the wait for the approval of the National Assembly on the public debt law, which has become a thorn between the two authorities. They have been bickering about it, and squabbling over it, while the people continue to pay a heavy price.
What is required for this country is people who understand this game, and not the lazy kind who blame their shortcomings and lack of resourcefulness on others, as is the case with our government. Whenever the Prime Minister is asked about the reason behind the reluctance in finding solutions to crises, he blames the National Assembly. The MPs, in turn, hold the executive authority responsible for all the devastation that is happening in the country. However, the bitter truth is that not one is better than the other.
The government and the army of advisors, who are paid so much of the public money, must act at once and start making plans to take advantage of this window of opportunity. At the same time, it must work on securing everything that the people of this country need. This would mean hitting more than one bird with one stone. However, what we really fear is the fact that the “wise” government has shortsighted tricks and does not see beyond its nose. This would mean missing the opportunity, and this leads to the final remedy, which is its departure, together with the “Friday Market” assembly. Subsequently, may Almighty Allah grant us two better authorities than them.
By Ahmed Al-Jarallah
Editor-in-Chief, the Arab Times