Kuwait’s Four Year Government Program Gets Little Support

28 Jul 2023 Issue: 66 / 30 By: Yesar Al-Maleki

Kuwait’s government has submitted an ambitious four-year program to parliament that envisions passing a debt law, implementing fiscal reforms, establishing a new investment vehicle and spurring cooperation with the private sector. It faces an uphill battle in trying to achieve its aims.

Kuwait is in dire need of economic reforms and the government’s proposed 2023-27 legislative program is nothing if not ambitious in its plans to address some of the fiscal and structural challenges sustained from decades of oil revenue dependence. However, the proposed program has received a lukewarm response from Kuwait’s newly elected parliament (MEES, 23 June), which shows little desire to compromise with the government.

The program was handed to Kuwait’s parliament (Majlis al-Umma) on 17 July, less than a week after Finance Minister Manaf al-Hajeri resigned after losing out in a power struggle with Minister of Economic and Investment Affairs Saad al-Barrak – who also holds the oil ministry portfolio. Mr Hajeri resigned in protest of the transfer of control of the Kuwait Investment Authority (KIA) to Mr Barrak, who has since been appointed acting Minister of Finance. (CONTINUED - 1031 WORDS)