The Kuwaiti government explained in the program, a copy of which was obtained by Reuters, that this challenge threatens its ability to continue providing a decent life for citizens and their basic needs, and also threatens the inability to fulfill local and international obligations.
The program stated that the expected deficit in the state’s general budget during the next five years will range between 45 and 60 billion dinars ($146.13 to 194.84 billion) without proceeding with economic and financial reform.
The program warned that continued deterioration of financial and economic conditions could result in individuals, companies, and banks faltering, unemployment rates rising to a “dangerous extent,” social services collapsing, and social security deteriorating.
The document revealed that the government intends to pass laws including liquidity tools, business profits tax, and selective tax during the current legislative term.
It also intends to begin a feasibility study of the railway link project with Saudi Arabia within 100 days.
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