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Finmin, CBK governor approve 7 key changes to Family Fund rules Panel preps memo against unnecessary spending from general budget

KUWAIT CITY, Feb 28: MP Dr Yousef Al-Zalzalah says the Minister of Finance Anas Al-Saleh and Central Bank Governor Dr Mohammad Al-Hashel has approved seven major amendments to the executive regulations for the Family Fund to match the Family Fund Bill, adding that the amendments must be concluded within two weeks, reports Al-Anba daily. Dr Al-Zalzalah revealed that during a recent meeting, he agreed with the minister and CBK governor about the need for the three-month registration process of the Family Fund. He said he hoped the Parliamentary Financial and Legal Affairs Committee will complete the necessary procedures in order to enable the inauguration of the fund in March.


He praised the minister and CBK governor for their understanding and cooperation regarding the issue. He also appreciated the relentless efforts exerted by the concerned officials and the acceptance of the need for the amendments in favor of the loan seekers among citizens.
Dr Al-Zalzalah said the amendments will apply to debtors who have rescheduled their loans after March 30, 2008, explaining that the applications should have been submitted to the bank before 30th of March 2008. The bank has the right to decide whether the applicants are entitled to the loan or not. In case the bank rejects an application, it shall notify concerned applicant officially with justifications.
Other amendments include introducing a hotline number with IVR system at the Complaints Unit in the Central Bank to answer enquiries of applicants, based on the demand of MP Dr Al-Zalzalah.
Debtors who have paid their loans in full have the right to demand for detailed report of the payments with interests to ensure that the interests were not above the recommended four percent.
Meanwhile, the Governmental Financial and Economic Committee has prepared a memo regarding the need for controlling unnecessary spending from the general budget, reports Al-Anba daily quoting reliable sources.


They said the memo will be submitted to the Ministry of Finance after the national day holidays, indicating that the recommendations specified in the memo will be used as a roadmap for the new general budget starting from next April.
They explained that the recommendations insisted avoiding several unnecessary expenditures related to some projects, internal conferences and overseas participations, and value of awards and gifts.
The sources said the memo includes recommendation to give up expensive gifts, insisting that simple gifts that represent the Kuwaiti heritage and culture will suffice.


In the meantime, Minister of Public Works Abdul Aziz Al-Ibrahim has demanded for a list of employees who were absent on Sunday and Monday before the national holidays, reports Al-Anba daily quoting sources.
Sources disclosed the minister wants to know the reasons behind the employees’ failure to report for work on those days, as many administrations and sectors in the ministry complained about the absence of a big number of employees; especially the Maintenance and Sanitary Engineering sectors.  Sources added the necessary action will be taken against those who were absent without a valid reason.




 

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