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Monday , October 14 2019

One-source income cannot continue – Importance of diversifying sources of income

Minister for Economic Affairs Mariam Al-Aqeel

KUWAIT CITY, June 9: Minister of State for Economic Affairs Mariam Al-Aqeel stressed on the importance of moving forward with the privatization projects to diversify sources of income, reports Al-Rai daily.

In a statement to the daily, she said, “privatization processes are diverse and different, there is privatization of the delivery of the sector in full to the private sector, and may be limited to the delivery of management and operation of the private sector, and such experiment started at the airport building T4.

She added that improvements were noticed after a Korean company undertook to manage it. “We will evaluate the experience and if successful it will be applied to other sectors, including the Shuaiba station which we began the procedures allocated after the experience of this step at the station Zour”, she added. She pointed out that “in light of the growing population and urban expansion and the growth of society, the idea of the onesource income state (oil) cannot continue, and the sources of income must be diversified instead of relying on a single source. We must achieve sustainability through the diversification of income resources and follow the experiences of our predecessors.”

Al-Aqeel stressed that “the trend towards privatization does not mean, as some believe, the abandonment of state property and citizens’ rights, but means sustainability and ensure the continued income of these sectors in accordance with controls that prevent the impact on the citizen and the Kuwaiti family, and to ensure the provision of services or goods, commensurate with the income of people of limited income, while ensuring that the government has the upper hand in the facility or service that has been allocated.” “We need to diversify our sources of income, especially as we are not an industrialized country. We are preparing and formulating an integrated social security network, which is now working to provide the Kuwaiti family with well-being,” she added.

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