Hunt for common ground to write off loan interest MP Adwa backs Parliament

KUWAIT CITY, Jan 19: The National Assembly is determined to find a common ground between the legislative and executive authorities in favor of writing-off the loan interests of citizens. This is despite objections by Minister of Finance Mustafa Al-Shammali who has regularly voiced his refusal of this initiative. The Economic and Financial Affairs Committee is scheduled to meet with the Finance Minister on Monday.

MP Abdullah Al-Tamimi said most lawmakers are in favor of dropping the loan interests while the government is “almost convinced” in that regard. MP Safa’ Al-Hashem further added that procrastination on the issue is refused and the finance committee may not consider Al-Shammali’s opinion as his position is already well-known.

Meanwhile, tribal MP Khaled Al-Adwa criticized opposition activists saying that they have “failed” and that is evident from the dwindling numbers at their organized rallies. “The Kuwaiti people now understand their political game after they have been talking about tens of thousands at their activities and now there are only a few hundred,” he said.

Al-Adwa assured that people have high hopes on the current Parliament, no matter what the opposition does, and the people will benefit from its accomplishments.

Agencies add:
The Chairperson of National Assembly Finance Committee Dr Yousef Al-Zalzalah has said the Deputy Prime Minister and Finance Minister Mustafa Al-Shimali will attend the meeting of the committee on Sunday, reports Al-Anba daily.

Dr Zalzalah disclosed that the minister will unveil government’s plan to deal with six parliamentary recommendations concerning loans and removal of the interests on loans. He said the Central Bank of Kuwait has calculated the cost implication of removing the interest, and the committee has a copy. He added the committee will Monday meet representatives of the Union of Banks.

Commenting on the declaration of Al-Shimali that the ministry received massive complaints from clients of the banks through Kuwait Central Bank, he affirmed that customers have right to file complaints to ensure that violators face legal reprimand.

He stressed the action was in the right direction and acceptable and the next step is to give those citizens who have been paying undue interests their rights as a measure of applying equal rights and justice among all citizens.

By: Nihal Sharaf Arab Times Staff

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