Future Fund revenues up 33%; Depletion of reserves – ARAB TIMES

“Very solid” financial situation, according to the minister

KUWAIT CITY, July 1 (Agencies): Kuwait’s financial situation is “very strong” and supported by the “Future Generations” reserve fund, the country’s finance minister said on Thursday, noting that the fund has grown exponentially lately. . The fund saw a 33% increase in revenue, eclipsing the performance of similar sovereign wealth funds around the world, Khalifa Hamada, who is also Minister of State for Economic Affairs and Investment, said in a statement, adding that growth is expected to remain stable for as long as 20 years. The revenue growth of the “Future Generations” fund over the past five years has even exceeded the oil revenues of the same period, added the minister, attributing the “historic growth” of the fund to the “skill and professionalism” of those. who supervise it. Treasury liquidity was “completely depleted” last summer due to “increased spending,” he said, listing a series of liquidity measures worth $ 23 billion that the country had taken to keep financial stability intact.

He identified “rising oil prices” as a factor that has helped provide adequate liquidity to the Treasury, however, the “scarcity” of liquidity remains a challenge, the minister said, citing a four-year plan that the government set up to trigger a wave of financial and economic reforms. Regarding Kuwait’s credit rating, he said the country’s ranking remains “strong” thanks to the support provided by the “Future Generations” fund, but that more reforms are needed to increase the liquidity of the Treasury in the long term, he said. underlined the minister. “Financial reforms have now become an absolute necessity,” he said, making it incumbent on executive and legislative authorities to work more closely together to achieve this goal. The Speaker of the National Assembly, Marzouq Al-Ghanim, announced the closure of the first round of the 16th legislature during Thursday’s extraordinary session, devoted to examining the state’s financial situation. During the session, Assembly Secretary General Adel Al-Lugani read Decree No. 139/2021 ending the first round, which was issued by His Highness Crown Prince Sheikh Mesha’al Al-Ahmad Al -Jaber Al-Sabah. Parliamentary sessions will resume in October for the second round of the 16th legislature. However, Hamada confirmed that the National Reserve Fund was running out due to withdrawals to cover public expenses. At the government’s request to discuss the state’s financial situation behind closed doors, Al-Ghanim emptied the Assembly Hall.

Minister of State for National Assembly Affairs Mubarak Al-Harees told the special session that the government had asked to discuss the financial situation in confidence, in accordance with the first legislature of 1963. The Article (69) states that the sessions of the National Assembly are public and may be kept secret at the request of the government, the speaker or at least ten members. In addition, article (150) stipulates that the government submits to the National Assembly a statement of the financial situation at least once during each of its ordinary sessions.

On the other hand, MP Muhannad Al-Sayer passed on questions to the Minister of Health, Dr Basel Al-Sabah, about the vaccination campaign. He requested copies of the test results from the third Oxford vaccine shipment, all contracts related to the purchase of covid-19 vaccine either through the local agent or directly with the manufacturer, and the approvals from relevant oversight institutions. MP Mehalhal Al-Mudaf passed on to the Minister of Health questions on the number of foreign medical personnel brought to Kuwait to deal with the coronavirus crisis, their countries of origin, job descriptions, if the ministry is is assured that these medical workers have left Kuwait within the specified time limits. day or at the end of their duties, the total cost of their hiring and the tasks they performed. He also questioned the Deputy Prime Minister, Minister of Justice and Minister of State responsible for strengthening Nazaha, Abdullah Al-Rumi, on the number of cases referred to the Kuwaiti Anti-Corruption Authority (Nazaha) in the past three years, the number of cases deferred and the reasons for such action. In addition, MPs Bader Al-Humaidi, Mubarak Al-Arow, Osama Al-Menawer, Osama Al-Shaheen and Mehalhal Al-Mudaf introduced a demography bill. By Saeed Mahmoud Saleh Arab Times Staff and Agencies

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