KUWAIT: Minister of Finance Fahad Al-Jarallah said the ministry is in the process of studying solutions and options to overcome the liquidity crisis that the government may face by proposing proactive solutions to avoid any disruption in cash flows. The minister clarified that media reports suggesting that the government’s priorities are the public debt law and value-added tax are not accurate.

“The government’s priorities are mentioned in its work program that I presented in a special session in this regard. The public debt law was sent to the National Assembly in 2017 and is considered one of the options. It is not the only option, and we are currently preparing technical scenarios that will deal with the problem, if it occurs, without rushing to the option of the public debt law,” Jarallah said.

The minister also affirmed the government’s commitment to cooperation and priorities with the National Assembly, stressing that all alternative financial options and proposals will be presented to the technical committees in the Cabinet and the National Assembly for discussion and selection of the best course of action.

Jarallah emphasized that these laws require government and parliamentary consensus and should be discussed on technical, not political, grounds. These ongoing proposals aim to send positive messages that reflect the strength and vitality of the economy and enhance the perception of the national economy by increasing the national income, GDP and targeted growth rates, thereby bolstering the country’s credit rating.

Jarallah said the ministry of finance is working to find ways to enhance non-oil revenues without including value-added tax and selective value-added tax, adding there are many solutions that enhance non-oil revenues without affecting the living conditions of citizens.