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WB urges acceleration of Kuwait economic reforms

WASHINGTON, Oct 9 (KUNA) -- Executive Director and Dean of the Board of Directors of the World Bank Merza Hasan urged Kuwait's executive and legislative powers to cooperate to hasten the execution of the state's financial and economic reform plans.
"The state's reform plans should be executed now, otherwise the nation will pay price later," Hasan, a Kuwaiti national, cautioned in statements to KUNA Sunday.
He emphasized that all Gulf states are taking the same steps but at quicker pace, leaving Kuwait lagging behind.
There is a huge pressure on the state budget due to the sharp drop in the prices of oil, the country's economic lifeline, he clarified.
Hasan commended the recent government's decision to cut fuel subsidy for local consumers.
The fiscal savings of such a move could be used to upgrade infrastructure and educational and health services, he viewed.
He stated that the World Bank is contributing to various programs to serve the Kuwaiti economy. (end) sd.ibi