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‘Poor control by Finance’

When an agency decides to distribute money to a number of people, it is important to act with prudence. For example, distributing one dinar to ten children, at a rate of 100 fils per child is not considered good behavior because if we bought a ball for one dinar, they can all play and benefit from it more than the 100 fils.

Spending or squandering 400 million dinars of government money to cover the interest of banks as a result of the decision to postpone the installments of 470,000 debtors was an imprudent decision. No party will benefit in a practical manner from the postponement of installments except the creditors, such as the banks, for which the government extended the terms of its debts to the citizens with remunerative benefits without they exerting any effort, while it did not mean anything to the majority of the debtors especially since a large number of them did not ask the government for postponement in the first place, and the amount of the deferred installments will definitely be spent on unnecessary matters.

The party responsible for the issuance of this decision is not the Council of Ministers, whose president may have thought that delaying the payment of the loans of a number of citizens will increase his popularity, and may contribute to winning the friendship of some deputies.

Rather, the blame falls on the Minister of Finance himself, who did not move a finger or express an objection, logically or technically to show that the decision to postpone loan installments does not have any prudence or sufficient financial understanding and this is definitely his lack of resourcefulness.

Throughout its modern history, Kuwait has not had a distinguished finance minister, except for very rare ones, including the plunderer of state investments and the bankruptcy of some of its assets in foreign companies, and the loss of public money worth tens of billions of dollars.

The current finance minister is not better than others in poor performance, as if he does not exist at all, and his excuse may be that his lack of capabilities or his management was with him even when he was an undersecretary of the ministry for many years, so why was he chosen?

Some may accept this justification, but it is fatal. He who does not know how to drive a passenger bus should refuse to drive it even if the voices of the masses and leaders demand him to do so.

Tony Blair’s report (2010), which cost millions and ended up being shelved, warns of political chaos and civil strife whenever there is a deficit in the budget, which will force the government to sacrifice the future of the nation to perpetuate an artificial reality so that people live in peace.

 The report stated any changes that will be made at a late stage to combat the growing budget deficit will become more difficult to explain to people who are unwilling to change their life style. This will also push the government to reach a situation in which it preserves civil peace through damage control policies that will ultimately lead to bankruptcy of the state in the long run.

e-mail.alsarraf@alqabas.com.kw

By Ahmad alsarraf

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