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Seeking to increase state spending on development, bolster private sector– Al-Haroun

KUWAIT: There is effort to increase state spending on development projects with the added aim of saving the private sector from slump and bolstering its role in the country, Minister of State for Development Affairs Abdelwahhab Al-Haroun told a local daily, in remarks issued Sunday.

The minister told Al-Qabas that excluding Kuwaiti banks from financing projects of the development plan is illogical as they stand ready with cash surplus in billions. Out of the development plan’s KD 30 billion, some KD 1.8 billion is to be spent by the private sector, he recalled, adding this is a great responsibility.

“I look forward to revising the BOT law and privatization regulations after consultations with colleagues and with parliament’s finance committee. I also look forward to restructuring of Al-Masaken (low-cost housing) and Al-Kheiran companies to hike yield and encourage investors. There are also opportunities to invest in electricity, warehousing, and health insurance companies, and all are high-yield investments.” The minister said citizens would sense fruit of the development plan such as improvement in public services and health care, as well as improvement in education services and housing care.

He also pointed out a proposal for the state to assign companies the task of producing certain products so that instead of the cost of production, the state would only need to spend a subsidy to citizens for an array of basic goods and commodities, which reduces expenditure.

Source: Kuwait News Agency