KUWAIT: The Kuwait Economic Society criticized the government recently, warning that its lack of response to the economic turmoil in the stock market had led to a KD 4 billion loss.

Slow action in decision and inaction in implementation has caused a loss in public funds amounting to at least KD 4 billion," Dr Rola Dashti, chairperson of the Kuwait Economic society, said during a recent seminar. "For every day that passes, inaction is costing public funds about KD 75 million - time is not our friend.

Today, we are not satisfied with the work that has been done so far," she noted. "Events are moving very quickly - so we need speed." Dr Dashti was speaking to economists, financial experts and the media during a seminar held Wed at the Kuwait Chamber of Commerce. The seminar focused on risk management and the current global financial crisis.

The American-trained economist highlighted the urgency for a comprehensive plan that will push the Kuwaiti economy forward in these times of financial crisis. "Let me be clear: tempting as it may be - this is not the time for greed, revenge and irresponsible actions, nor the place for political posturing and grandstanding. Markets would penalize this sort of behavior immediately," she added.

To all involved actors, the bailout plan has to be fair. There is no room here for applying the same strategy which the government used to solve the difficult debt problems. No matter what will be the rescue strategy, public funds should be made to share the upside gains once the crises passes. History will not forgive us if we fail to act on this principle," Dashti expressed, voicing her fears of an unforgiving future.