Kuwait moves to increase non-oil revenue and rationalize spending

As part of efforts to diversify income sources and strengthen financial sustainability, in line with directives from the political leadership, the Cabinet’s Economic Affairs Committee reviewed several measures aimed at boosting non-oil revenues, Al Rai newspaper reported.

After chairing the meeting, Dr. Subaih Abdulaziz Abdul Mohsen Al-Mukhaizeem, the Minister of Electricity, Water and Renewable Energy, Minister of Finance, and Acting Minister of State for Economic Affairs and Investment, highlighted that the government is focused on improving public spending efficiency and rationalizing subsidies to preserve resources for future generations. He also affirmed that Kuwait’s robust assets and reserves provide strong support for the national economy.

Al-Mukhaizeem stated that the Economic Affairs Committee, which met with its members and officials from relevant government agencies, “discussed several financial and economic issues, particularly those related to diversifying income sources and enhancing the state’s financial sustainability, in line with the directives of the political leadership.” He added that the committee’s discussions focused on measures aimed at increasing non-oil revenues.

Meanwhile, the Cabinet’s Food, Drug, and Water Security Committee reviewed proposals and studies to ensure sustainable security in these sectors. Among the initiatives discussed was the creation of a database to monitor the country’s strategic stock of food, drugs, and water.

Dr. Ahmed Al-Awadhi, the Minister of Health and Committee Chairman, emphasized that the committee works to provide essential food and medicine, efficiently utilizing domestic and imported resources to meet the needs of the population through sound governance of the food and drug security system.