Kuwait's oil reserves could be depleted in about 50 years so it must prepare for this by establishing clusters of integrated industries, becoming a financial hub, and implementing mega developmental projects, Kuwait-based Al-Seyassah daily reported on Thursday, citing a recent study.
Kuwait's financial surpluses are temporary and the country must reform its public sector in order to be able to effectively use these surpluses in developmental projects, a study by the Arab Planning Institute said, according to the paper.
The study warned from using the surpluses invested in sovereign wealth funds in meeting popular demands as this will increase the waste of money in current consumption and thus amplify government expenditure, the daily reported.
Kuwait's crude oil reserves could last 99 years, according to government estimates but non-official entities say that these reserves last half this period, Al-Seyassah reported, citing the institute.