KES holds forum on challenges facing Kuwait reforms

Trade minister orders overseas property sale panel

KUWAIT CITY, May 24, (KUNA): Kuwait Economic Society (KES) held a forum on Monday to discuss challeges facing economic reforms in Kuwait, like low oil prices, in addition to assessing the government’s reforms of national economy.

Participants discussed challenges facing development, the privatization law, and the financial and economic charter.

Mohammad Al-Baghli, an economist, said the charter should include a specific timetable and the government should disclose progress of implementation.

He said any financial or economic reform plans should include imposition of taxes on companies’ revenues and profits, in addition to increasing fees on the use of state properties.

Al-Baghli said privatization should contribute to providing jobs for citizens, improving services, and encouraging national and international investments, thus boosting national income.

He meanwhile said declining oil prices largely affected economy of Kuwait which was almost entirely dependent on oil revenues.

The oil prices’ drop, he said, was caused by surplus in international market, increase of shale oil production in the US and tight-belt policy by some European countries.

Also:

KUWAIT CITY: Minister of Trade and Industry Yousef Al-Ali has issued a ministerial decree authorizing a new committee regulating the sale of properties at real estate exhibitions outside Kuwait.

The committee will look into procedures pertinent to the sale of foreign properties at real estate exhibitions, a control mechanism, necessary documents and sale regulations, the Ministry of Trade and Industry said in a press release on Tuesday.

It also considers legal problems triggered off by the sale of foreign properties and ways of tackling them in light of the Kuwaiti law, and follow up imbalance in the existing system, it added.

It is also up to the committee to use the help of experts in order to do its jobs properly and effectively, but they should be denied the right of vote, it noted.

(AFP) This general view shows the Kuala Lumpur city skyline from the observation deck of the KL Tower in Kuala Lumpur on May 24. Malaysia’s economy expanded in the first quarter at its slowest rate since the global financial crisis, data showed on May 13, asthe energy-exporting country grapples with falling oil prices and weak overseas demand.