Kuwait - Mubasher: Former Kuwaiti minister of commerce and industry Amani Bouresli has called for forming an economic council to address the challenges facing Kuwait’s economy and further improve the business environment in the country.
In an interview with Mubasher, Bouresli said that one person cannot conduct a comprehensive economic reform, thus a council is needed to review the legislative reforms and coordinate organizational goals and strategies.
Regarding the country’s international credit ratings, Bouresli indicated that the country has huge money and oil reserves that strongly supports the economy, as well as small foreign debt ratio, however, the change of oil prices and regional geopolitical risks may affect the outlook.
Ongoing reliance on oil revenues poses the main threat to the Kuwaiti economy and puts the public budget at deficit risk, which in return leads to borrow from public reserves, according to Bouresli.
Amani Bouresli also called for the Kuwaiti parliament, the National Assembly, to lay out an alternative plan to finance the budget deficit, in partnership with the cabinet to raise revenues and not depend on issuing treasury bonds.
Morevoer, the former minister has asked the Kuwait National Fund for Small and Medium Enterprises to approve the financing of a number of projects, to incenticvize the economy.
