The deficit already exceeds five percent of GDP and is projected to rise above six billion dinars, about twenty billion US dollars. These are not abstract numbers. They reveal an economy running out of both money and time. Debt is only meaningful if it delivers results. It must finance projects that generate growth, jobs and lasting revenue. Yet the Ministry hailed the latest sovereign issuance of more than eleven billion dollars as a success simply because investors subscribed and pricing looked favorable. That is not success. That is spin. The real test is whether the money produces a different economic future or disappears into the same cycle of deficits and waste.

The record speaks for itself. Nearly two years have passed without a serious economic plan. No reform program has been unveiled, no restructuring attempted, no vision presented. The government is borrowing on the strength of past wealth, not present competence. Credit markets still view Kuwait as a safe borrower only because of assets built up over decades, not because of today’s leadership.

The absurdity is easier to see through a corporate lens. Imagine a holding company listed on the stock exchange. It drains its reserves year after year without producing new revenue. The same board and executives then return to the market, borrow again and applaud themselves for pulling it off. They promise no new strategy, no innovation, no restructuring, no change at all. Shareholders would laugh them out of the room. Kuwait is living that farce in real time. Borrowing without reform is not a rescue plan. It is incompetence with a price tag. History offers no comfort.

In 2017 Kuwait issued bonds without offering the public any serious disclosure of how the funds were spent. When the pandemic hit and oil prices collapsed, the result was one of the highest deficits in the world, more than ten percent of GDP. The truth is plain. The strength of a nation is not measured by its ability to borrow but by its ability to turn borrowing into real wealth. Loans are not gifts. They are debts that must be repaid. To cheer them without returns is to dance to the sound of unpaid bills.