Kuwait's Economic Overhaul Faces Familiar Parliament Hurdle - Bloomberg Business

Kuwait's Economic Overhaul Faces Familiar Parliament Hurdle - Bloomberg Business:

"Kuwait’s plan to impose corporate taxes and cut fuel subsidies to reduce the OPEC member’s reliance on oil faces a familiar obstacle: a parliament that has resisted previous attempts to curtail one of the world’s most generous welfare systems.
Finance Minister Anas al-Saleh on Monday submitted a six-point plan to the cabinet that aims in part to bolster revenue and cut public spending. Measures include selling stakes in state-owned entities, official media reported. The plan, which needs parliamentary approval, has been referred to the legislature’s committee for finance and economy.
“In the current parliament there are no political blocs with defined economic plans or philosophies,” Abdullah al-Naibari, a former lawmaker, said in a phone interview from Kuwait on Tuesday. “There are individuals with one aim, which is winning votes, nothing else.”"



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