Law to support economic reforms pending: official
Oil slide hurts economy: Hamada
KUWAIT CITY, Oct 12, (KUNA): A number of laws designed to buoy financial and economic reforms are awaiting final approval, Undersecretary of the Ministry of Finance Khalifa Hamada said on Wednesday.
Speaking during the ninth meeting for treasurers of Middle Eastern and African countries, organized by the Ministry of Finance, Hamada revealed that the laws are germane to privatization, taxes levied on companies, commercial registry and bankruptcy.
Moreover, he noted that the meeting aims to bolster cooperation between the Organization for Economic Cooperation and Development (OECD) and the economies of the Middle East and northern Africa.
On the meeting, Hamada said it provides an opportunity for representatives of participating nations to share their knowhow with each other as it relates to plans for financial and economic development.
Meanwhile, the Undersecretary of the Ministry of Finance added that Kuwait’s economy has faced difficult times due to plummeting oil prices, which prompted the country to launch a series of reforms aimed to keep the economy afloat.
Elaborating on these reforms, he said that Kuwait has made budget amendments as a strategy to usher in increased economic growth, in addition to programs that help increase non-oil revenues. On other strategies employed, Hamada said they include endeavors that allow the private sector to contribute to the development of the economy, as well as methods to lure direct foreign investment in the country.
In the span of two days, the meeting features participation of all 34 OECD member nations and tackles financial developments as well as ways to ensure administrative transparency and continued economic growth.
Ahmadi Governor Sheikh Fawaz Khalid Al-Sabah received in the governorate office the Ambassador of Malawi to Kuwait Wilfred Ali. The two officials discussed the relations shared between Kuwait and Malawi and ways to improve the cooperation between the two countries and exchange experiences concerning administrative systems. The governor wished the ambassador the best of luck and the ambassador thanked Sheikh Fawaz for the warm reception and
wonderful hospitality.
During the meeting, King WillemAlexander extolled the level of relations between the two countries, wishing Al-Roumi every success in his new post, the statement asserted.
The King called on Al-Roumi to convey his greetings to His Highness the Amir and the Kuwaiti people. (KUNA)
Nod to reshuffle:
Minister of Communications Essa Al-Kandari has approved the reshuffling of five assistant undersecretaries in the ministry, reports Al-Anba daily.
According to informed sources, Assistant Undersecretary for Planning Affairs Fahad Mutlaq Al-Rasheedi will be shifted to the International Affairs sector, Assistant Undersecretary for Subscribers Services Abdullah Al-Azmi will be transferred to the Planning Affairs sector, Assistant Undersecretary for Postal Affairs Moajib Al-Dousari will take charge of the Subscribers Service sector, Assistant Undersecretary for Communications Nasser Al-Kandari will be the new Assistant Undersecretary for Postal Affairs and Assistant Undersecretary for International Affairs Rashed Al-Utheina will be transferred to the Communications sector.
The sources revealed that the decision of reshuffling is aimed to develop various sectors of the ministry using the experiences of the assistant undersecretaries.