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Sunday , September 19 2021

Govt submits new amendments to Public Debt Law; return period cut

KUWAIT CITY, March 1: Member of the Parliament’s Financial and Economic Affairs Committee MP Saadoun Hammad revealed that the committee has informed the Ministry of Finance and the government team that it met yesterday about its rejection of the draft law to withdraw from the Future Generations Funds.

Meanwhile, the Chairman of the committee MP Ahmad Al-Hamad announced that the government has submitted new amendments to the Public Debt Law, which include the cancellation of the repayment period, which was previously set at 30 years, in addition to setting a ceiling for borrowing no more than 60 percent of the country’s GDP.

In a press statement, MP Al-Hamad said, “The committee, during in its meeting held in the presence of the Minister of Finance Khalifa Hamadeh and the Central Bank Governor Dr. Muhammad Al-Hashel to discuss the proposal for withdrawing from the Future Generations Funds, conveyed the parliamentary rejection of the proposal, and that the cost of the withdrawal will be large compared to borrowing.”

The government’s proposal to withdraw from the Future Generations Fund was rejected by the majority of MPs including Parliament Speaker Marzouq Al-Ghanim, who criticized it, considered it “extremely dangerous”, and indicated that the proposal would not be approved in the Parliament

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

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