With all our conservatives on the methodology used in the paper, we need to see two main things to approve the draft:
State why you are choosing the 12 countries instead of Kuwait so readers will know the reasons of proxying for Kuwait by the 12 countries- make the paragraph clear in the abstract+ introduction+ methodology
You had two or three full pages of equations (estimated model). Please re-do these pages. Make introduction before each equation and number them. Please see how previous thesis are written for the context.