‘Sukuk will finance deficit and development projects’

State ministry for services reshuffle staff

KUWAIT CITY, Oct 3: The government has developed a draft law of the Islamic sovereign sukuk (bonds), which give the government the right to borrow in order to finance the budget deficit in ways other than local and foreign bonds issued by the government in March, reports Al-Anba daily.

The sukuk will not only finance the deficit, but will also finance the development projects.

The law will allow Kuwait to increase its debt ceiling to KD 25 billion ($83 billion) from the current limit of KD 10 billion. It would also allow Kuwait to issue debt instruments with maturities of up to 30 years, from the current limit of 10 years.

Meanwhile, in preparation for the opening of the second legislative round and election of National Assembly committees, there is a governmental-parliamentary coordination to push for the continuation of some temporary committees rather than forming new ones, reports Al-Anba daily a parliamentary source.

Meanwhile, other sources said the next legislative round will most likely witness the formation of the Illegal Residents and Sports and Youth committees.

Furthermore, the State Ministry for Services recently reshuffled its administrative staff to improve work procedures and ensure proper implementation of the decision requiring all employees to use the fingerprint attendance system regardless of their positions and number of years in service, reports Al-Qabas daily quoting sources.

Sources said acting Undersecretary Buthayna Al-Sebaei issued a circular on the need to apply the fingerprint attendance system strictly, warning that anyone who violates the directive will be referred to the concerned authority for investigation.

Sources added about 1,500 employees who were previously exempted from the fingerprint attendance system including those with more than 25 years in service, supervisors, directors and heads of departments are now required to register their attendance through the fingerprint system despite the objection of the majority.

In another development, the Financial Affairs Department in the Ministry of Social Affairs has started paying overtime to all employees who worked beyond the official working hours, reports Al-Jarida daily quoting sources.

Sources said this step is in accordance with Civil Service Commission (CSC) decision number 42/2016 which stipulates the maximum overtime pay is KD 240.