Kuwaiti Economic Society Urges Subsidy Reform for Greater Efficiency

In an interview with Al-Seyassah newspaper, Al-Jouan suggested establishing a specialized social security body, funded sustainably through corporate taxes. He highlighted the projected subsidy costs in the 2024-2025 budget, estimated at 600 million dinars, with a potential rise to 900 million dinars. Al-Jouan stressed that any reform must prioritize reducing excessive budgetary waste, which currently amounts to around 3 billion dinars.

Al-Jouan noted that Kuwait's tradition of social solidarity dates back to the 1960s, but demographic and economic changes necessitate updates to ensure equitable support distribution. He underscored the importance of focusing on the precise costs of fuel subsidies and effectively directing them, rather than engaging in political debates over fuel prices.

Source : www.zawya.com