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Kuwait to 'amend financial stability law'

Kuwait, June 30, 2009

The Kuwait Parliament's finance and economy committee is preparing an amended draft of the Financial Stability Law to plug the current loopholes, said Massouma Al Mubarak, the first female Kuwaiti Minister.

In an interview with CNBC Arabiya, Dr Al Mubarak confirmed that there was a movement to postpone the voting for the Financial Stability Law until the next parliament assembly, after the summer.

The postponement would allow the committee to prepare an amended draft of the Financial Stability Law, aimed at closing the current loopholes in the law, she stated.

Dr Al Mubarak pointed out that the Financial Stability Law was critical to maintaining the consistency of the financial sector, and acted as a protection shield against declination of businesses.

'However, the law in its current state still includes ambiguous articles which require further clarification,' she said.

The minister also emphasized the need for the government to submit a development strategy that conforms to the public budgets, and a commitment to implement the plan in order to achieve objectives.

In the interview, Dr Al Mubarak noted that the existing political conflicts between the two authorities – the government and the parliament – has led to dissipated opportunities and cancelled projects.

She also highlighted the need for more active participation from controlling bodies such as the tender committee and the accounting council to eradicate the element of fraud and profitability.

She underscored that questioning of ministers is a constitutional tool but 'must be used righteously without lurking and waiting for ministers to commit mistakes or abuse this privilege.'

With regards to winning the first seat in her electoral district in the last parliament elections, Dr Al Mubarak said that Kuwaiti voters have expressed their explicit interest in bringing change and managed to overcome the hesitance associated with male electors.

This insured four female candidates with seats in the parliament, in accordance with the leadership of  Sheikh Sabah Al Ahmad Al Sabah, ruler of Kuwait, who called the people to choose public interest when voting.-TradeArabia News Service




Tags: Kuwait | CNBC | minister | amend | Financial Stability Law | Massouma Al Mubarak |

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