Saturday , October 20 2018

Law to support economic reforms pending: official – Oil slide hurts economy: Hamada

KUWAIT CITY, Oct 12, (KUNA): A number of laws designed to buoy financial and economic reforms are awaiting final approval, Undersecretary of the Ministry of Finance Khalifa Hamada said on Wednesday.

Speaking during the ninth meeting for treasurers of Middle Eastern and African countries, organized by the Ministry of Finance, Hamada revealed that the laws are germane to privatization, taxes levied on companies, commercial registry and bankruptcy. Moreover, he noted that the meeting aims to bolster cooperation between the Organization for Economic Cooperation and Development (OECD) and the economies of the Middle East and northern Africa.

On the meeting, Hamada said it provides an opportunity for representatives of participating nations to share their knowhow with each other as it relates to plans for financial and economic development. Meanwhile, the Undersecretary of the Ministry of Finance added that Kuwait’s economy has faced difficult times due to plummeting oil prices, which prompted the country to launch a series of reforms aimed to keep the economy afloat.

Elaborating on these reforms, he said that Kuwait has made budget amendments as a strategy to usher in increased economic growth, in addition to programs that help increase non-oil revenues.

On other strategies employed, Hamada said they include endeavors that allow the private sector to contribute to the development of the economy, as well as methods to lure direct foreign investment in the country. In the span of two days, the meeting features participation of all 34 OECD member nations and tackles financial developments as well as ways to ensure administrative transparency and continued economic growth.

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