Kuwait stimulus package – $5 bn, opposed   Leave a comment

The Kuwait government was charitable and wise to propose a $5 bn stimulus package to overcome the local negative sentiment generated by the global recession. It is a good measure to isolate the Kuwait economy from being adversely affected by the general doom.

However, there has been quite an opposition to the package in its present form. The oppostion is justified by raising certain objects to unilaterally and unconditionally grant funds, without look at the overall financial health of the corporate and knowing how these additional funds will be utilised.

There has been a common conception among those living in Kuwait that the citizens are living a life of debts, having borrowed heavily to support their lavish lifestyles (somebody called them “Blue Whales”), without caring on how to pay back these debts. They have always asked for the state to help them waive off their debts from the state reserves.

This has been opposed in the parliament (and rightly justified). Waiving these debts will definitely set a dangerous trend. Allah has rightly said that you have to get paid for your deeds, good or bad. So no waiver. Learn to live within your means and not beg (white collar).

If the package is approved with proper conditions, the economy will definitely bounce back. The govt can set an example for the other countries on how it can support its citizens in difficult times.

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Posted February 24, 2009 by Rajesh_Gandhi in global crisis, kuwait, news, press, stock market

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