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Saturday, May 21, 2022

Kuwait has stockpile of basic materials enough for a year, official says

Kuwait has stockpile of basic materials enough for a year, official says

Kuwait has a strategic stockpile of about 80 percent of basic materials — foodstuff and industrial items — sufficient for 8 months to a year, director of the country’s Public Authority for Industry told Al Arabiya.
The current surge in prices of commodities is driven by the global crisis and the government is taking measures to ensure stability in prices, Abdulkarim Taqi said.

The Kuwaiti official said this can also be achieved through the establishment of a special body to assess inflation in all sectors.

Taqi said there are no current laws in Kuwait that could prevent a hike in the prices of imported goods and products.

To limit the surge in prices, the official said there has to be international agreements that guarantee the stability of prices in times of crises.

Countries such as Switzerland and Brazil were able to ensure price stability through an emergency fund that intervened to support some basic products, he added.
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