KUWAIT CITY, March 1: The World Bank has confirmed to the Ministry of Commerce and Industry that the classification of Kuwait is likely to decline if the necessary economic bills are delayed, reports Al-Rai daily. At the forefront of necessary reforms are three insolvency bills, which include voluntary restructuring of debts, rehabilitation and liquidation of commercial enterprises, and the guarantees of movable property, the World Bank indicated.
The daily quoting a source added Kuwait has recorded a positive improvement in the World Bank’s Ease of Doing Business Index for 2018, which is based on 10 sub-components on different aspects of business. He noted the country’s level improved by 6 points, ranking 96 out of 190 countries in the current index compared with its 102nd ranking in 2017, and eighth ranking in the Arab world.
Kuwait has also succeeded in implementing a set of reform measures in its business environment, including the establishment of One Window and the launch of its online version (Kuwait Business Center) to disseminate online applications in transactions and accelerate the procedures for establishing and registering companies, the source said. “What is required of Kuwait does not end with reforms measures taken by the ministries and concerned agencies to resolve insolvency and improve the business environment and enhance competitiveness or even maintain the gains made in the ease of business index; thus further delay of the necessary economic bills could have negative effects on the classification of the State”, the source reiterated.