KUWAIT: The project of privatizing Kuwait Airways (KAC) has been postponed for five to seven years, according to sources familiar with the issue. The sources said this is based on two aspects – the first is to modernize the fleet and the second is to eradicate accumulated losses, because it is not possible to sell a losing company to any investor, and the government will not accept allocating shares to citizen that are burdened with losses. Removing accumulated losses need time, as it reached around KD 320 million by the end of 2017. The sources said the finance ministry is committed to pay KD 600 million to KAC, which is what is left from completing its KD 1.2 billion capital after transforming KAC from a corporation into a shareholding company in April 2015. The sources explained that the KD 600 million will not be paid directly, rather by paying the dues for the purchase of new aircrafts. – Al-Qabas