Millionaires' with no bank balance
With a maximum salary of KD 1,000, including all incentives and allowances, one quarter of which goes for paying for car installment and a bank loan, another quarter goes for rent while the remaining half ends before the middle of the month for the majority of Kuwaitis.
They all go through the same story of spending the whole salary before the tenth of the month. This story applies to around two million people, which makes it the most famous story in Kuwait. Two months ago a man received a phone call informing him that he had won the grand prize of a big raffle wining half a million dinars.
Well, there is no need to talk about the details of the winning or how he got the news. What matters is that he bought a house for KD 300,000, paid off his bank loan and car installments amounting to KD 35,000, which left him a balance of KD 165,000. The man's financial status changed to the better 180 degrees. Yet, the moral of the story of this man, whom I met by accident in a hotel and told me about his unexpected winning, is that it is a living proof to the government that, in order to get a house, pay off your obligations of car installment and loans, a citizen needs at least half a million dinars in cash.
This huge sum is not because we, citizens, run bad monthly budgets because of our extravagant consumption rates as we are accused by hotshot economists. The terrible financial conditions we are going through are caused by weak government control that has led to many problems such as bank loans, skyrocketing rents and soaring prices.
The average annual per capita income of Kuwaitis is KD 20,000, which means that he would have to work hard for twenty years without eating, drinking or even breathing to save enough money to buy a house, even with the KD 70,000 loan the government provides.
Through those wise economists, the government has been asking us to give up our culture of consumption and manage our budgets in a better way while the government itself has been incapable of running its annual budget wisely for over 20 years. So, dear government, manage your own budget first then ask citizens to do theirs! — Al-Anbaa
By Thaar Al-Rasheedi
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