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Monday , November 19 2018

MP queries loan aid to Philippines

KUWAIT CITY, March 22: MP Waleed Al-Tabtabaei has called on Foreign Affairs Minister Sheikh Sabah Khaled Al-Hamad Al-Sabah to reveal the total amount of loans that the Philippines received from Kuwait Fund for Economic Development (KFAED).

He inquired if the Foreign Affairs Ministry will take into account the reaction of Philippine officials towards Kuwait before granting loans in the future.

He also requested for the following:

■ Statement of loans obtained by the Philippines since the establishment of KFAED till date; including direct loans, direct or joint financing and contributions to the capital of institutions.

■ Value of each loan, payment period, regulations for granting loans and how committed is the Philippines in paying these loans.

■ Causes, objectives, main profit of grants, and rate of achievement after receiving grants for each loan.

■ Does KFAED intend to grant other loans to the Philippines in the future? What is the basis for granting these loans? Will the institution take into account the crises or disruptions caused by the authorization of some leaders and officials of the Philippines in granting loans?

By Abubakar A. Ibrahim Arab Times Staff

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