INCREASING KUWAIT'S OIL REVENUES SIGNIFICANTLY BECOMES A TOP PRIORITY

  • 20/10/2022

Kuwait City: It is urgent to remind the MPs and the public to adopt a balanced proposal that resolves a problem without causing new ones as the first session of the National Assembly gets underway on Tuesday, coinciding with the significant increase in Kuwait's oil revenues as a result of the Russian-Ukrainian conflict and the decision of "OPEC +" to reduce production. 


It becomes necessary for the citizens and their representatives to adopt balanced proposals that can actually be passed and approved and address their real problems with logic and realism, without creating a bigger problem for the citizens themselves in the future and whose cost may be very difficult to bear. This is because the majority of the proposals of the popular representatives aim to satisfy the voters in an irrational manner most of the time. 

The following ideas could stand in as workable alternatives to populist demands whose negative economic effects harm public funds:

1 - To address the issues of citizens who are actually facing financial hardship due to their debts and its instalments, it is possible to demand the reactivation of the Insolvent Fund and the Family Fund in place of the continuous demand to drop loans from all citizens that did not and will not pass in all cases because they spend public money on those who need and those who do not need illogically. So, by distributing it to both those who need it and those who do not, we have helped solve a real problem without wasting tax dollars. It should be noted that if we waste money now, we might not be able to use it later to address other issues that exist and require funding.

2 - Even if our energy prices stay flat and even if there are price controls by the Ministry of Commerce and Industry and the regulatory agencies, this time's complaints about high commodity prices and haphazard requests for distributions to citizens coincide with a global inflation wave whose effects cannot be avoided. 

The best course of action is to demand that the cost of living allowance be increased, for example, from 120 dinars to 250 dinars in order to benefit all employees and retirees, particularly those with low salaries and pensioners. This is preferable to making repeated complaints and flimsy claims that this issue can be resolved.

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