Political unrest in Kuwait hurts the economy

AFP || Shining BD

Published: 3/27/2023 4:41:33 AM
Kuwaitis check Ramadan decorations in a shop in Kuwait City on March 22, a day before the start of the Muslim fasting month. Photo: afp

Kuwaitis check Ramadan decorations in a shop in Kuwait City on March 22, a day before the start of the Muslim fasting month. Photo: afp

The oil-rich nation of Kuwait's economy is sinking due to a seemingly never-ending political crisis, which is also affecting basic services and raising public anxiety.

Despite having abundant oil reserves, the wealthy Gulf region's only fully elected parliament is paralyzed by squabbling, which has caused hospitals and educational institutions to deteriorate.

Businessman and newspaper columnist Ahmed al-Sarraf claims his worries are growing as the nation is failing.

The former banker told AFP, "I feel great anxiety for my family, for the future of my grandchildren, for their education, and for my health.

"This situation is causing a lot of suffering."

7% of the world's crude reserves are found in Kuwait, which borders Saudi Arabia and Iraq. It has one of the world's strongest sovereign wealth funds and little debt.

Despite having a parliamentary system in place since 1962, it is plagued by ongoing conflicts between elected lawmakers and cabinets appointed by the ruling Al-Sabah family, which still has a firm grip on political life.

Legislators have been unable to enact reforms to diversify the economy due to the stasis, and the persistent budget deficits and low levels of foreign investment have only heightened the sense of doom.

The most recent twist occurred last month when the constitutional court reinstated the previous parliament and disbanded an opposition-controlled assembly over purported electoral irregularities.

Shining BD