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Wednesday , August 5 2020

Kuwait can be an attractive touristic destination: Yousef

CBK studying proposal to reorganize loan procedures

Kuwait City through Al Shaheed Park — Hassan Mahnoud-KUNA

KUWAIT CITY, Oct 14: Assistant Undersecretary for Tourism Affairs at Ministry of Information Yousef Mustafa says the ministry has placed tourism as its top priority because it strongly believes that Kuwait can be an attractive touristic destination not only locally but also in the Gulf level, reports Aljarida daily. He affirmed that this aim enjoys the support and blessing of Minister of Information and State Minister for Youth Affairs Mohammed Al-Jabri and the ministry’s leadership, especially since it coincides with the conclusion of agreements between many countries.

Mustafa stressed that Kuwait has all the potential of having an environment that attracts foreign investors, but these elements require a clear action plan to be prepared with the cooperation of the private sector to reflect the beautiful framework sought by investors, citizens and residents.

He explained that he last week met with the Kuwait Hotel Owners Association to discuss many issues relevant to tourism in the country, and the hoteliers affirmed their full support for any plan or program aimed at revitalizing tourism.

Mustafa indicated the possibility of organizing national celebrations in some first-class hotels with big halls that are capable of holding such celebrations with the aim of attracting tourists especially those from the GCC countries, adding, “This is because the GCC market is our first target”.

Furthermore Central Bank of Kuwait (CBK) is studying a proposal to reorganize procedures for securing loans to exempt debtors from presenting invoices to prove the purpose for which the loans were taken, reports Al-Rai daily.

The daily quoting sources pointed at two scenarios; the first suggests exempting debtors who receive loans up to KD 7,500 from presenting bills, and the second scenario includes those taking up to KD 5,000.

They noted the decision that obliges debtors to provide invoices to prove they truly spent the loan for the same purpose they obtained it needs re-evaluation by the Central Bank of Kuwait and other local banks.

Sources observed that many debtors could not provide the required invoices, not because they violated relevant laws but it was difficult for them to do so, especially those who obtained small loans to purchase more than a single commodity. “Cancellation of the decision will put an end to the ‘black market invoice’ menace that is flourishing concurrently with its enforcement”, sources noted.

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