Al-Ghanim’s meeting with Moody’s “constructive”
National Assembly Speaker Marzouq Al-Ghanim’s meeting with a delegation from Moody’s Investors Service, world provider of credit ratings, was “constructive” as the Parliament is serious in making some “economic reforms.” Having Kuwait rated is “important” and “affects institutions and individuals alike,” Al-Ghanim told reporters on Thursday. He hoped that Moody’s delegation is convinced in the “seriousness” of the parliament to impose economic reforms.
A while ago, the Parliament’s financial and economic committee had drawn up a map on all aspects of this economic reform, Al-Ghanim pointed out. The details of this map will be reviewed on the Parliament’s next session, April 12. On the Government’s project on classifying electricity tariffs, in line with spending rationalization plans, Al-Ghanim said that the Government and the Parliament have different views on this project, especially since the Government’s suggested tariffs are “very high.” He pointed out that the Parliament has alternative suggestions, reiterating that “responsible and low incomes individuals will not be adversely affected.” (KUNA)
He said the average consumption in houses is about 9,000 kilowatts monthly; therefore, the committee is about to submit an alternative draft law proposing huge differences in the percentage of consumption. He made it clear that many houses consuming about 12,000 kilowatts per month are charged KD 24, and the draft law presented by government will make the citizen pay the cost of consumption, which is KD 120.
He expected the committee to hold another meeting on Wednesday to finish the discussion of the draft law if the government is not able to complete it on Sunday along with financial and economic reform document, which the committee is discussing with concerned authorities.
In the absence of the minister and the Undersecretary of Electricity and Water yesterday, former Minister of Commerce and Industry Amani Bouresli explained that the person who pays about KD 30 monthly for his consumption will be paying about KD 1,908 annually instead of KD 360, as per the draft law of government, whereas the person who pays about KD 50 monthly will pay KD 3,708 annually instead of KD 600.
Stands
Bouresli added “the industrial bill, which currently stands at KD 100 per month will jump to KD 6,000 per year (KD 500 per month), according to the proposal, whereas a house that consumes KD 100 of electricity per month will spend KD 8,208 per year, instead of KD 1,200”.
He indicated the apartment that spends KD 12 per month for electricity consumption will be paying KD 900 per year instead of KD 144, and apartments that spend KD 16 per month will be required to pay KD 1,260 per year instead of KD 192.”
Meanwhile, National Assembly Speaker Marzouq Al-Ghanim ordered on Wednesday that the public be asked to leave the chamber of lawmakers so that to examine in camera the findings of a report by the parliamentary committee investigating the nation’s overseas investments.
The request for the in-camera session came from Deputy Prime Minister, Finance Minister and Acting Oil Minister Anas Al-Saleh. The session would deal with the status of Kuwait investment bureaus in London and other locations around the world.
The committee conducting the investigation had decided earlier on that the discussion of its findings be kept classified until MPs were ready to peruse these findings prior to its discussion in a special session as today’s was.
On a different note, the lawmakers agreed unanimously to adopt a bill regarding Law No.119 for 2013 on the issue of postponing the forming of a municipal council, and turned it over to the government for its perusal.
In other news, the government will form a special investigation panel to study the two parliamentary reports on alleged irregularities of Kuwait’s investment offices in London and other countries, Deputy Prime Minister and Minister of Finance Anas Al-Saleh said.
In statements to reporters following the parliamentary session on Wednesday, Al-Saleh, also Acting Oil Minister, noted that he has read the parliamentary reports, but has not detected any proof of public fund squandering accusations.
But if any of the allegations proved to be right, those involved would be referred to prosecution, he stressed.
He reiterated his confidence in the integrity of Kuwait Investment Authority officials, “until otherwise is proven”. Al-Saleh also thanked the National Assembly committees for their role in monitoring the performance of Kuwaiti entities to protect public money.
The Ministry is ready to cooperate with the National Assembly to materialize these goals, he said.
Earlier today, the National Assembly referred to the government a report by the parliamentary investigation committee on Kuwait’s Investment Office in London, and bureaus overseas.
It also referred to the government a report by the parliamentary committee for protecting public funds on irregularities in deals selling state-owned property, besides the Assembly’s recommendations on both.