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Saturday , August 24 2019

World Bank cautious govt against backing down – Per capita income of Kuwaitis drops

KUWAIT CITY, Feb 8: The issue of financial and economic reform raised by the government in March 2016 resurfaced again to become the prime issue causing disagreement and prompting deliberations at the joint meeting held by the Parliamentary Finance Committee and the delegation of World Bank financial experts and officials.

According to projection of the International Monetary Fund (IMF), individual share of citizens from the local production (GDP), which was KD 7,700, has dropped to almost KD 5,000.

World Bank has cautioned against the government backing down from the economic reform plans or approving bills that contradict government’s direction announced to achieve the reform, and doing so may be risky for the budget while having untoward implication on the revenues and expose it to exhaustion.

Deputy Prime Minister and Minister of Finance Anas Al-Saleh and Central Bank Governor Dr Mohammad Al-Hashil were part of the meeting. The minister stated the document was not built on real studies or actual figures, according to what MPs Saleh Ashour and Riyadh Al-Adsani revealed, and the information has since sparked the interest of other lawmakers who now wish to discuss blowing off the document and anticipating its replacement

By Raed Yousef and Abdul-Rahman Al-Shammari Al-Seyassah Staff

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