KUWAIT CITY, Feb 27: Chairman of the Board of Directors of AlShall Economic Consultants (AEC) Jasem Al-Sadoun says Kuwait has the lowest loan defaulters’ level in the world, as it does not exceed two percent of the total loans granted, reports Al-Nahar daily.
He affirmed that the calls for dropping the loans contradict the principle of justice and equality as well as the right of the future generations which will be in need of the money for educational purposes, and the labor market instead of wasting the money on the current generation.
Al-Sadoun stressed that the current economic conditions is one among the reasons for rejecting the calls for dropping loans, highlighting the reduction of oil prices by half compared to the prices five years ago. He explained that the price of a barrel of oil in December 2018 was $56.6 per barrel, and $103.5 in 2013. The expenditures in the 2018/2019 fiscal year was about KD 21.5 billion and in the 2013/2014 fiscal year was KD 21 billion. This means Kuwait has been spending amounts close to the current fiscal year despite the fall in the oil prices.