KES holds forum on challenges facing Kuwait reforms – Trade minister orders overseas property sale panel
This news has been read 4332 times!
KUWAIT CITY, May 24, (KUNA): Kuwait Economic Society (KES) held a forum on Monday to discuss challeges facing economic reforms in Kuwait, like low oil prices, in addition to assessing the government’s reforms of national economy.
Participants discussed challenges facing development, the privatization law, and the financial and economic charter.
Mohammad Al-Baghli, an economist, said the charter should include a specific timetable and the government should disclose progress of implementation.
He said any financial or economic reform plans should include imposition of taxes on companies’ revenues and profits, in addition to increasing fees on the use of state properties.
Al-Baghli said privatization should contribute to providing jobs for citizens, improving services, and encouraging national and international investments, thus boosting national income.
He meanwhile said declining oil prices largely affected economy of Kuwait which was almost entirely dependent on oil revenues.
The oil prices’ drop, he said, was caused by surplus in international market, increase of shale oil production in the US and tight-belt policy by some European countries.
Also:
KUWAIT CITY: Minister of Trade and Industry Yousef Al-Ali has issued a ministerial decree authorizing a new committee regulating the sale of properties at real estate exhibitions outside Kuwait.
The committee will look into procedures pertinent to the sale of foreign properties at real estate exhibitions, a control mechanism, necessary documents and sale regulations, the Ministry of Trade and Industry said in a press release on Tuesday.
It also considers legal problems triggered off by the sale of foreign properties and ways of tackling them in light of the Kuwaiti law, and follow up imbalance in the existing system, it added.
It is also up to the committee to use the help of experts in order to do its jobs properly and effectively, but they should be denied the right of vote, it noted.
This news has been read 4332 times!
