Call for strategy after rating cut
KUWAIT CITY, July 17: Chairman of the parliamentary Financial and Economic Affairs Committee MP Ahmed Al-Hamad commented on the downgrading of Kuwait by Standard and Poors to A+ with a negative outlook.
He said Kuwait needs a comprehensive and clear financial strategy based on practical and scientific grounds.
Al-Hamad affirmed the current financial position of Kuwait is strong and its classification must improve in the coming period. He disclosed the Kuwaiti Sovereign Fund recently witnessed remarkable progress, indicating the Future Generations Fund ranked third globally in 2021 according to Bloomberg and the assets of the fund reached $700 billion. He added Kuwait Investment Authority is one of the largest sovereign funds in terms of global investment, indicating the Kuwaiti Sovereign Fund ranked fourth internationally - an implication of the high revenues achieved in 2021.
He revealed the Kuwaitis ranked third among the GCC citizens in the share of national income according to How Much website. He added that the average annual income of a Kuwaiti citizen reached $68,000 - ninth globally.
He also emphasized the need to adopt a clear strategy with the contibution of national experts to maintain economic stability.
Meanwhile, MP Bader AlHumaidi holds the Directorate General of Civil Aviation (DGCA) responsible for the repercussions of the decision to prevent citizens who are more than 75 years old from traveling.
He said the DGCA is passing the responsibility to travel agencies although it is the one that issued the decision. He added the DGCA disregarded the fact that the decision causes problems to citizens and it seems unaware that many citizens cannot install ‘Musafer’ application because they are using old style mobile phones.
He pointed out the issue is now in the hands of Defense Minister Sheikh Hamad Jaber Al-Ali.
On the other hand, MP Abdulaziz Al-Saqaabi criticized the difficult exam questions given to graduates of the College of Petroleum and Engineering at Kuwait University who applied for jobs in Kuwait National Petroleum Corporation (KNPC).
He said 90 percent of the applicants did not pass the exams; hence, the need to revise the questions, considering that even those with excellent marks could not pass the exams. He urged KNPC to hire all those who graduated from the college.