This post has been read 5378 times!
FINALLY the Minister of Finance has been appointed. However, there is no doubt that he has several issues waiting for him that need solutions in order to help revive the national economy.
These issues include loans that are troubling a significant segment of Kuwaitis, especially since they were subject to many fallacies that were presented to decision-makers as facts when in reality it represents merely a smoke screen by the profiteers and the deep State, which has extended its arteries into all state institutions.
That is why whenever someone talks about this matter, there are those who rebuke him. In this there is no difference between a parliamentarian and a citizen. The profiteers therefore sought to throw the political taboo on the National Assembly when a group of parliamentarians proposed some solutions.
Likewise, those who reveal the facts have been feared to the extent that everyone has become afraid to dissect the problem, find out the root of the disease, and eradicate it, in order to comfort Kuwaitis who fear the moral terrorism practiced on people.
In this regard, it must be said – When a segment of citizens borrowed loans, it was not merely for frivolity, but rather out of necessity, especially since salaries had not been raised in the last 15 years despite the continuous rise of inflation to the point that the salaries of low-income people are no longer enough.
Our forefathers once said, “There is nothing as depressing as a debt, for it diminishes faith and affinity. Debt brings anxiety at night and humiliation during the day. Hence, beware of debts, for its beginning is stressful and its end is conflict.”
Therefore, the talk about a debtor resorting to borrowing again after being forgiven is misplaced. Those who borrowed due to need will not go back to borrowing again due to the humiliation that he endured.
However, usurers, blackmailers, and envious people, especially those close to decision-makers, sought to decorate the truth with shiny veneers of falsehood.
In many countries, physical coercion is not practiced on the debtor, and there is no arrest and summons, no travel ban, no imprisonment, or confiscation of his house or car.
Likewise, the courts do not accept the claims of moneylenders against a debtor if he signs dud cheques, trust bonds, or debt declarations, because they are considered conditions of adhesion, and are not enforceable.
Unfortunately, physical coercion is still practiced in Kuwait, and prisons are full of people oppressed in this regard.
In the Gulf countries, either in the Emirates, Saudi Arabia, Bahrain, Qatar or Oman, this problem was solved a long time ago.
Every year, the leadership pays attention to the needs of their people, especially those with limited income and those who took loans, and works either to forgive them or reschedule the term of the debts for longer periods, up to twenty years, until those debts are paid.
Here we are not talking about bank loans or commercial loans, as these are dealt with based on the bankruptcy law, which was enacted according to international specifications.
Although some tried to introduce physical coercion and arrest warrants into it, they failed. Despite this, there are those who work to maintain the restrictions inherited from the pre-State era.
Today, the new minister of Finance must look into this issue and work to close this file. This is due to the fact that it is not possible to keep a segment of citizens suffering so that the profiteers can continue to practice their injustice.
By Ahmed Al-Jarallah
Editor-in-Chief, the Arab Times