KUWAIT CITY, Feb 2: The upcoming parliament sessions will most likely witness heated debate on the issue of the loan interest write-off which is currently rejected by the government.

Reportedly, the Financial and Economic Affairs Committee had changed its stance on the issue from unanimous support on the bill to increasing rejection from lawmakers. According to sources, the committee will most likely not submit its report on the writing off of accrued interest but will focus on amending the ‘loan defaulters’ fund’ so that the issue might be resolved at the Assembly.

Review
Meanwhile, the National Assembly’s Foreign Affairs Committee will review on Monday agreements with other Arab states that pertain to the combat of terrorism and money laundering. On Sunday, the Health and Social Affairs Committee will hold a meeting with Minister of Health Mohammad Al-Haifi to discuss the health services in the country and reports on violations committed regarding abroad treatment grants for citizens.

On another note, MP Yaqoub Al-Sane’ submitted a proposal on Saturday to establish magistrate courts in each of Kuwait’s six provinces that are presided over by the head of the court of First Instance. Al-Sane’ explained that the establishments will meet the demand created by the increase of cases and their varieties due to demographic changes in the country.

Agencies add:
Kuwait Minister of Commerce and Industry Anas Al-Saleh said Saturday his ministry is working on a legislation to address the problems of stumbling debtors without harming the creditors in collaboration with the World Bank.

“The draft law aims primarily to improve the business atmosphere and protect the interests of creditors through protecting them against exposure to bad debts,” the minister told KUNA.

“The WB has provided the ministry with an integrated proposal on the creditor-debtor relationship which has been approved by the ministry,” he disclosed.

The proposal includes four axes namely the WB technical assistance, the rehabilitation of stumbling companies, the guarantees for asset transfers, and the launching of an electronic register for guaranteed transactions and an insurance office.

“We are in consultation on the formation of a negotiating team with the Bank involving the concerned state departments such the Central Bank of Kuwait, the Stock Market Authority, and the ministries of Finance, Justice and Commerce and Industry,” he pointed out.

Al-Saleh added that a WB team is expected in Kuwait in the coming few days for talks with the planned inter-agency team.