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Tuesday , February 25 2020

‘Diversify to cut budget deficit’ – Subsidies will not be slashed: MP

KUWAIT CITY, Oct 4: Chairman of the National Assembly’s Financial Affairs Committee MP Faisal Al- Shaye said the committee next week will submit a number of draft laws that are aimed at reducing the budget deficit, reports Al-Rai daily. He added the government will do whatever necessary and take appropriate solutions to avoid the deficit without harming the subsidies.

In a statement he said the committee is waiting to study the government projects and urged for legalizing subsidies, which are estimated at KD 6 billion and not canceling them. At the same time he called on the government to make the first move towards financial and economic reforms because relying on oil as the only source of income will increase the percentage of budget deficit. He also urged the government to take immediate steps in this domain particularly since the current National Assembly has shown a strong desire for reforms.

He perceived the groups system is the most appropriate to deal with the depletion of electricity and water; in addition, it is necessary to review the rates of consumption and depletion. With reference to the recommendations submitted by the International Monetary Fund, Al-Shaye said, there are some good recommendations and other not.

For example, the report recommended the cancellation of subsidies; yet, “we support the solution by providing subsidy to those who deserve.” In the presence of head of the Parliamentary Housing Committee MP Faisal Al-Kandari, Rapporteur MP Rakan Al-Nesf, and Director General of Public Authority for Housing Welfare (PAHW) Engineer Bader Al-Wagyan, the Minister of Housing Yassir Abol signed a contract with Turkish company Lymac to implement West Abdullah Al-Mubarak infrastructure project, reports Al-Anba daily. High level sources said Public Authority for Agricultural Affairs and Fish Resources (PAAAFR) has yet to release the adjoining land to PAHW officially to begin the construction of 600 buildings, but the two sides are still coordinating in that regard.

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