A government report on Kuwait’s sovereign rating has sounded the alarm, warning that the rating will continue to deteriorate if legislative and executive authorities do not work together to pass 18 laws, according to the Al-Qabas newspaper.
The report stressed, according to the newspaper, the need to give priority to this Legislation and financial and economic reformsessential to improve creditworthiness.
The report placed the “Public Debt” and “Regulated Withdrawal from the Generation Reserve Fund” laws as top priority, followed by additional and selective tax laws and the law on the modernization of budgetary rules.
The list of urgent laws included: National development plan, construction, mortgage, privatization, civil aviation, tourism, wage reform, energy service pricing, water and electricity companies, postal companies, accounting decree, commercial and intellectual property rights registration .
For his part, the Minister of Finance and Minister of State for Economic Affairs and Investments Abdul Wahhab Al-Rasheed stressed that the enactment of the law on public debt is necessary to finance the budget deficit, provided that a comprehensive economic plan, which the ministry is working to complete in this moment.
The minister said, in a tweet via his Twitter account: “Tax is not a priority for economic reform, but value added tax and selective tax are an international obligation, but the way to implement them is through a law and not by decision of the minister “.
The minister rejected the attempts to intimidate the media, led by some, saying: “My message to those who have sensed the danger of our steps towards him is that the manipulation of words and the attempt to terrify us in the media they will not prevent us from implementing the political leadership’s desire to implement the law and fight corruption, which is the first step in economic reform. “
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