Some Govt Agencies Fail To Transfer Profits To State Treasury

17 April 2021 Kuwait

The Central Bank of Kuwait does not transfer profits to the Ministry of Finance due to the increase in the general reserve balance of the bank from KD 250 million to KD 1 billion, so the annual net profits are added to the reserve of the bank until reaching the ceiling of KD 1 billion. The Kuwait Fund for Arab Economic Development has not realized profits. The profits are fully transferred to the general reserve of the fund until the fund’s determined capital is fully covered. After covering the fund’s capital, all the net annual profits are credited to the fund’s reserve account in accordance with the fund’s articles of association issued in accordance with Law No. 25/1974 and its amendments.

 

SOURCE  ARABTIMES

 

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