KUWAIT CITY, Aug 21: The Manpower and Government Restructuring Program (MGRP) has laid down plans to provide a number of new jobs to Kuwaiti youths in the private sector where they will work by themselves in order to support national economic development efforts and to raise the value of work, reports Al-Anba daily quoting sources.
Sources pointed out the job opportunities are available on condition that they will be given to the national labor force, not the expatriates. Sources said the fishing and fish marketing sector is one of the important employment fields where stalls for selling fish will be leased to Kuwaiti youths at symbolic prices. Sources explained the location of stalls in the market will be determined through daily draws, inadicating the location is not fixed.
Sources added this is in line with the idea of supporting the Kuwaitization policy through its application in the fishing sector. Sources went on to say the government also intends to provide employment by leasing mobile phone shops, car spare parts and ornament shops to Kuwaiti youths at symbolic prices provided they manage the business themselves.
Meanwhile, the Ministry of Finance has released its Debt Management Unit’s strategic document that summarizes the outcome of the sixth meeting of the Debt Management Committee, reports Al-Qabas daily.
The document included oil price presumptive amendments to correspond with the agreed budget resulting in a deficit of KD 8.4 billion for fiscal 2016/2017 and the figures will be amended as per the price of oil. It also contains a list of finances and findings that need to be updated, in addition to the basis of actual spending for the first quarter during which the expenditures correspond with the notable behavior throughout the year and this is the same case with the non-oil revenue.
Since the oil revenue is higher compared to the balance, KD 7 billion is the best estimate for the financing needs for fiscal 2016/2017. Accordingly, the Debt Management Committee retains financing needs at KD 7 billion, while it will continue to revalue and regulate the debt management strategy based on actual expenditures in 2016.
On the execution of the strategy, the Central Bank of Kuwait (CBK) increased in June this year the net debt which stands at KD 750 million, as the target for 2016/2017 is about KD 2 billion — divided between traditional funding and foliation. Other sources of funding deficit are distributed as follows: KD 2.3 billion international traditional tools ($7.5 billion) and KD 600 million international bonds (approximately $2 billion), so foreign borrowing constitutes around 41 to 42 percent of the total deficit. Also, KD 2.1 billion will be withdrawn from the reserve. As of June this year, withdrawal from the reserve reached KD 1.3 billion, thus, the remaining amount in the country’s reserve is KD 800 million.