KUWAIT CITY, Sept 20: MP Osama Al-Shaheen forwarded queries to Minister of Foreign Affairs and Minister of State for Cabinet Affairs Sheikh Ahmad Nasser Al-Muhammad about law number 74/2020 on the demographic imbalance. He asked why the government did not enforce Article One of the law that mandates it to name the concerned minister, Article Three which mandates the Council of Ministers to issue a decree on measures that will be taken to address the demographic imbalance, and Article Five which mandates the government to issue the executive decree on the law within one year of its publication in Kuwait Gazette.
He pointed out the grace period given to the government to issue the executive decree will end soon, stressing the need to implement the law and issue the decree for the government to specify the number of expatriate workers needed from every nationality according to the demand of the labor market. He added the lawmakers ratified this law, because of the failure of the government to solve the demographic imbalance.
MP Ali Al-Qattan asked Minister of Finance and Minister of State for Economic and Investment Affairs Khalifa Hamada about the following:
■ Average performance of the Future Generations Fund’s investments in international share portfolios compared to international indexes in the last 10 fiscal years (separate data for each year),
■ Average performance of these investments after deducting 10 percent from the annual revenues to be added to the capital of the fund,
■ Cash reserved by Kuwait Investment Authority (KIA) in the last 10 years (separate data for each year),
■ Investment strategy adopted by KIA when it assigned a consulting office to provide advice in this regard,
■ Total cost of laying down the strategy,
■ If KIA’s Board of Directors approved the strategy or not.
By Saeed Mahmoud Saleh Arab Times Staff