Fluctuating oil prices requires measures to enhance Kuwaiti economy: Commerce Minister

Fluctuating oil prices requires measures to enhance Kuwaiti economy: Commerce Minister

KUWAIT: Minster of Commerce and Industry Fahad Al-Shuraian said on Wednesday that the political and economic changes that the world was going through amidst the sharp fluctuating oil prices required some serious measures to enhance the economy through economic restoration programs and initiatives to privatize a number of public sector institutions. This came in an economic forum organized by the Arab Planning Institute entitled ‘towards more privatization in the GCC’ with the participation of several economic experts and officials.

Shuraian added that economic restoration programs aim to improve the level of competition, which reflects positively on the country and lifts the load on the government, and creates new job opportunities. “It requires new measures in order to achieve Kuwait’s vision, measures that correspond to the international requirements, the application of transparency and equality standards, these are the main characteristics for the transformation into a financial center,” he pointed out.

Amani Bouresly, former Minster of Commerce and Industry, and head of the organizing committee of the forum, said meanwhile that privatization is one of the solutions to reduce the continuous inflation in the public sector’s institutions and the rise costs and expenses. “Privatization has great benefits on the economic level, the most important