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Saturday , September 21 2019

Ministry of Finance plans amendment to private and public partnership law

1st amendment draft before Fatwa, Legislation Dept

Dr Nayef Al-Hajraf

KUWAIT CITY, Feb 6: Minister of Finance Nayef Al-Hajraf said that there is a planned amendment to the law of partnership between the public and private sectors, pointing out that the first draft of this amendment is now before the Fatwa and Legislation Department, reports Al-Jarida daily. “We are keen that the amendment addresses all the shortcomings dated back to 2008 until date,” Al-Hajraf told the daily.

However, he called the partnership project is still important. The partnership between the public and private sectors has not been able to play its full role and “We must enable it to do so,” he added. “The first draft of the law has been completed and is currently under discussion,” said Director-General of the department, Mutlaq Al-Sanea. “There is a joint team within the Fatwa and Legislation, so that the administration is fully informed of the law.

He pointed out that the axes to be covered by the amendment are the experience that has an impact over the length of time that may reach some projects to the closure, pointing out that part of these axes are related to the approvals of other official bodies, such as the State Audit Bureau and Fatwa and Legislation Department and the Central Tenders Committee, therefore, the amendment will go towards the cancellation of these approvals or the organization of the relationship with the concerned authorities to be answered within a short period.

He pointed out that the amendment will be in line with the state financial plan and the program as the high level of efficiency of the implementation of projects, whether in the PPP or allocation or otherwise, which will have a positive effect on the attractiveness of the economy and its ability to sustainability by ensuring the flow of investments and raise the contribution of non-oil activities. He said the law after it is passed by the Fatwa and Legislation Department will be referred to the Council of Ministers and then the National Assembly.

He noted, it will be the first amendment after the enactment of the law in 2015, the first law of PPP after the launch of the Partnership Authority for projects, the schools project, and the second North Al-Zour Power Plant. Al-Sanea said that the summary of the comments on the proposed projects on speeding up the mechanism of work is reflected in the expected amendment noting that these observations will increase the effectiveness of the partnership between the two sectors during the coming period.

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