The Kuwaiti oil price continues to decline until it reached during the writing of this article to $87.25. So when an economy of a government fails, they try to fix this through sucking the blood of the middle class and poor people.
The first thing they think about is increasing the prices of bread, petrol and power. This is the unspoken code of Arab governments when they want to handle misuse of spending in the budget, corruption and mismanagement of wealth.
It is indeed a sharp and dangerous decline, alarming to both the Kuwaiti economy and the present and future living conditions of citizens and expatriates, and this decline heralds the flight of more capital because of insecurity and instability. This is a normal end to depending on a sole source for income, which is oil.
No industries, no tourism because you closed this country, no new businesses and no huge investments. Is Kuwait a temporary state? This is a legitimate question now.
It has been more than 20 years since Kuwait suffered an invasion which I would call a lesson for life. We were supposed to learn more about how to keep this country strong, united and a safe place to live. Unfortunately, everyone including the Kuwaiti government has been dealing with Kuwait as if we are a temporary state.
The rich people here have been actively moving their capitals overseas and buying more proprieties outside Kuwait because none of them trusts the long-term survival of this country! Our economy has kept its old policies which are outdated – of selling crude oil – and there has been no development in the oil industry.
Now if this news is true, the government will load on the expats and citizens the burden of the budget deficit by raising prices of goods and services, and that is why I think it is unfair to ordinary people and those with limited income to cover this matter on behalf of those who brought us to this end by their weak and inefficient planning. Eventually, those who have no hand in how to run a budget will suffer.
For rich people who eat French bread, caviar and drive Rolls- Royce, 50 fils means nothing to them, but for half of the population here of expats and many Kuwaitis with limited income, especially those who live in flats and need to pay many bills, it means a lot.
I have no sorrow or sympathy with a government that let go of our future without any support. I know for sure oil prices are declining, but I hope the government is now focusing on how to save the economy.
twitter @munaalfuzai
By Muna Al-Fuzai
muna@kuwaittimes.net
