KUWAIT CITY, Feb 11: A number of economy analysts affirmed that Kuwait’s financial situation is stable and will not be affected by the political situation and wars in the region because of its strong economy and its vast investments, which will ensure the country is in a secure position, reports Al-Shahed daily.
They revealed that the complicated political situation in Syria and Yemen had a negative impact on the stock markets of the Gulf countries as well as resulted in a drop of the Japanese stock market by 6 percent. They indicated that the collapse of the Asian market had a huge impact on their demand for oil, which in turn affected the oil-producing countries.
The analysts said the low oil prices had the worst effect especially since the Gulf countries’ dependence on oil is about 92 percent, urging the government to ensure financial resources are used and managed in a proper manner and only projects with high financial returns are executed.
Economy Analyst Amir Al-Mansour said the economical situation of the region is vague because of its complicated political situation, stressing the need for a long-term economical strategy based on a comprehensive plan to implement under any circumstances.
He recommended directing investments outside the country, as local investments face many difficulties because of the lack of a proper tourism sector in Kuwait.
Financial Analyst Nasser Khalifa said the complicated political situation of the region, the reports about military interference in Syria and the current war in Yemen has led to a state of instability in the stock exchange markets of Kuwait and other Gulf countries.
He praised the coordination and harmony between the government and the National Assembly which will help in stabilizing the economy of Kuwait, insisting that new and alternatives sources of income besides oil must be implemented.
Meanwhile, Just a day after the Minister of Education and Higher Education Bader Al-Essa issued a decision to form a team to prepare schools in the third constituency for holding the parliamentary elections slated for Feb 20, the ministry’s assistant undersecretary for financial affairs said an estimated KD 80,000 budget has been approved for relevant preparations, reports Al-Rai daily.
He explained that KD 3000 is earmarked for stationery, KD 70,000 for miscellaneous supplies, KD 2,000 for services, KD 11,000 for communication gadgets and KD 57,000 for furniture.
On the other hand, the Ministry of Education approved the bonus for exam controllers of secondary schools that administered the second semester exams for academic year 2015/2016. The bonus ranges from KD 240 to KD 1130.
Also, the Deputy Minister of Education Dr Haitham Al-Athari has addressed the Deputy Minister of Foreign Affairs to advertise for teachers in the newspapers of Egypt, Jordan and Tunisia.
He noted the Kuwaiti embassies in the aforementioned countries will receive applications from the date the advertisement is published until the arrival of the recruitment committee that will conduct the interview. He reiterated teachers are needed from Tunisia to teach only three subjects; English language (male), French (male and female) and Physical Education (female).