Government Asks For Kd 5 Billion Annually From Future Generations Reserve Fund

The government referred to the National Assembly a legal draft stipulating that it is permissible to withdraw an amount from Kuwait’s Reserve Fund for Future Generations that does not exceed five billion dinars annually, to meet any deficit in the general reserve in the state, Al Qabas reported.

The Daily reported from the explanatory memorandum for the project, which stated that “As the economy of Kuwait is going through a tough time due to the sharp decline in oil revenues, which is expected to continue for few years. The current draft law has been drafted to amend some provisions of Decree-Law No. (106) of 1976 in the matter of Kuwait’s Reserve Fund for Future Generations, in a way that allows meeting this deficit in the state’s public budgets.

The legal draft included in its first article an amendment to replace the text of Article Three of the Decree with Law No. (109) of 1976 referred to – which was previously amended by Law No. (18) of 2020 – so that an amount may be taken from the reserve not exceeding five billion  Kuwaiti dinars annually, to meet any deficit in the state’s general reserves, taking into account the government’s rationalization of spending, reducing expenditures, increasing revenues, and diversifying sources of income.

 

SOURCE  TIMESKUWAIT

Comments Post Comment

Leave a Comment

Submit