Monday 17 January 2011

It only happens in Kuwait:)

On the occasion of its 50th Independence Day and the 20th anniversary of its liberation from Iraqi rule, the Kuwait Government has announced a grant of KD 1,000 (US$ 3,500) for every citizen and to those citizens who will be born between now and 1 Feb 2011. Given a population of around 1 million this translates to approximately $ 3.5 billion. As 90% of Kuwaitis are employed by the Government and have little fear of losing their jobs, this money will in all probability be splurged on all kinds of consumer goods. 2011 is therefore likely to be a boon for retailers of clothes, luxury items, electronics, automobiles, soft furnishings, furniture, travel, restaurants etc. This is a huge stimulus for a country of this size and is the first real effort to revive the economy after two years of recession. Its impact may even be felt within the hospitality industry in neighboring tourist hotspots like Dubai, Beirut and Sharm Al Sheikh. In addition all citizens will also receive free rations of essential food items (food grains, sugar, edible oil, milk powder etc) for a period of 13 months from 1 Feb 2011 till 31st Mar 2012. And unlike the US Government which prints money to finance its stimulus packages, this grant represents a distribution of genuine budget surplus resulting from the high oil prices of the last few years.

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  1. thats true.. it wont happen in any other place.. :) hw r u swapna..i just celebrated Rithika's bday on 15th..cant believe one yr s gone.. :)

  2. Thats really great..lucky peoples..

  3. Wow.. that's just awesome. I wish I lived in Kuwait :-(

  4. @Vaishali ~Not lucky me..Lucky Kuwaitis :)
    @Pavani~ You have to be a Kuwaiti to get this money... staying in Kuwait wont help :D
    @Lena~ I am fine dear... wow she turned 1 yr?? Belated birthday wishes to her:)


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