November Rains Exposed Corruption Of Paving Roads In Kuwait - Bloomberg News Agency

A report published by Bloomberg News Agency warned of the continuing problems of Kuwait’s roads, which were submerged with last year’s rains and exposed the corruption of paving of roads contracts report Al Rai.

“Rain and winter is on the doorstep, and inhabitants of one of the richest countries of the world are preparing to confront it,” last year, heavy rains flooded many parts of Kuwait City leaving semi-submerged cars in the rainwater, speedboats drove along palm tree-lined roads, sparking debates of inefficient drainage and corruption in road paving contracts.

The report said that, despite public anger, many streets have yet to be repaired, but instead, the government spent much of the year making plans to build new cities. The government has promised to repair road damage by the end of 2019, although storms and rain last year occurred in November.

Kuwaiti assets of $ 592 billion, which is the fourth largest sovereign wealth fund in the world, gives Kuwait a large comfortable pillow, but the alarm bells ring the recognition of the state itself. The government aims to reduce its heavy dependence on oil revenues and reduce subsidies.

The government supports Kuwaiti family for housing, fuel and food of average $ 2000 per month. Besides free education, a university graduate receives the equivalent of $ 650 a month until he finds a job.

Salaries and subsidies are eating up nearly three-quarters of total government spending, while Kuwait is headed for its fifth consecutive budget deficit since oil prices fell in 2014.

Parliamentary opposition had halted plans to impose the first ever tax in Kuwait – a 5%t value-added tax approved by the Gulf Cooperation Council nearly four years ago – and blocked a law allowing the government to implement the first bond issue since 2017.

Despite this slow pace, the state has achieved some successes, the report said, noting that in June 2020, Kuwait Stock Exchange is scheduled to be included in the MSCI index to track emerging market equities

 

SOURCE : ARABTIMES

Comments Post Comment

Leave a Comment

Submit