By-elec­tions to fill Mu­nic­i­pal Coun­cil’s va­cant seats soon

Kuwait Times - - LOCAL - By A Saleh

By-elec­tions to fill the Mu­nic­i­pal Coun­cil’s five seats that be­came va­cant when mem­bers re­signed to run for par­lia­ment will take place soon, Chair­man Muhal­hel Al-Khaled said yes­ter­day. He fur­ther urged mem­bers of the Cab­i­net and par­lia­ment to amend the elec­tions laws in or­der to add new ar­eas to their cor­re­spond­ing con­stituen­cies be­fore the by-elec­tions.

15 of­fers

The fi­nance min­istry’s gen­eral debt com­mit­tee re­ceived 15 of­fers from in­ter­na­tional banks and fi­nan­cial es­tab­lish­ments to take part in is­su­ing govern­ment bonds to cover the bud­get deficit of $ 10 bil­lion dur­ing the first quar­ter of 2017. The com­mit­tee will study the of­fers to select the most suit­able ones though the in­ter­est rates on these bonds were not set so far. No­tably, Deputy Prime Min­is­ter and Fi­nance Min­is­ter Anas Al-Saleh has given the green light to the process by is­su­ing a de­ci­sion that Kuwait will bor­row through is­su­ing in­ter­na­tional bonds in foreign cur­ren­cies to cover the deficit and di­ver­sify the sources of na­tional in­come. Ac­cord­ing to the de­ci­sion, the to­tal value of the debts will not ex­ceed KD 2.9 bil­lion dur­ing the fis­cal year 2016-2017. Ac­cord­ing to IMF sta­tis­tics, Kuwait ranks sev­enth world­wide in terms of its gen­eral debt ra­tio com­pared to its GDP which was be­low 10.6 per­cent in 2015 while it was 19.4 per­cent in UAE, 20.6 per­cent in Oman, 35.8 per­cent in Qatar, 63.3 per­cent in Bahrain and only 5.8 per­cent in Saudi Ara­bia.

Gov­er­nance

The Cap­i­tal Mar­ket Au­thor­ity (CMA) yes­ter­day warned some com­pa­nies listed on the stock ex­change for not fil­ing their re­ports on gov­er­nance re­quire­ments, said in­formed sources, not­ing that the con­cerned com­pa­nies had made some in­quiries about gov­er­nance.

Trans­port au­thor­ity

The Pub­lic Au­thor­ity for Roads and Trans­porta­tion’s Chair­man Soud Al-Nakki stressed that fu­ture projects will only be of­fered through the au­thor­ity, adding that it will be re­spon­si­ble for qual­i­fy­ing bid­ders and of­fer­ing ten­ders with­out re­fer­ring to the Cen­tral Ten­der Com­mit­tee (CTC). Nakki ex­plained that the process will not be done ran­domly and that it is co­or­di­nated with the Fatwa and Leg­is­la­tion Depart­ment in or­der to be sub­jected to both in­ter­nal mon­i­tor­ing and ex­ter­nal one through the State Au­dit Bureau.

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