KUWAIT: Official data released by the Kuwait Investment Authority (KIA) showed that the amount of funds taken from the future generations fund since it was established in 1976 until this month (42 years) reached KD 24.727 billion. The authority said there have been no withdrawals from the fund except for one time when KD 24 billion was withdrawn during the Iraqi invasion to ensure Kuwaitis’ good living conditions, finance liberation operations in addition to rebuilding and meeting commitments towards the budget after oil wells were burned and state revenues came to a halt. KIA was able to recover the money and the last repayment from the general reserve to the future generations fund was made on March 24, 2008.
Commerce and Industry Minister and State Minister for Youth Affairs Khalid Nasser Al-Roudhan said the Commerce Ministry is keen on making amendments to some items of old laws in order to apply the best legal practices that serve Kuwait’s economy and requirements of improving the business environment. He said he formed a legal committee from various authorities to present amendments to laws for discussion. He added that the next period at the National Assembly will see discussions over several laws, most notably the insurance law that the government sent to the Assembly, the commercial register law and a law that is in its final stages at the fatwa and legislation department, the law of information exchange, which is highly important, as well as amendments to some items of the national fund for small and medium sized projects. He said the amendments will help small and medium sized projects to be transferred from the financing fund to a fund that sponsors projects.
By A Saleh