The Deputy Prime Minister, Minister of the Interior and Minister of State for Cabinet Affairs noted at the beginning of the meeting, the meeting of His Highness the Prime Minister with the editors of local newspapers yesterday in the presence of the Minister of Information, which came as a translation of His Highness’s keenness to continue the periodic meetings held by His Highness in compliance with the principle of absolute transparency and show all the facts that The government is committed to it in all its work, where His Highness reviewed with pride and pride in the actions taken and the correct decisions taken by the government as a result of persistent and continuous work to confront the Corona virus and prevent its spread in the country, explaining all the dimensions and implications of this global epidemic and the mechanisms and procedures required to coexist with This epidemic has avoided taking risks

His Highness stressed in this meeting to take all necessary measures to redouble efforts and implement what the government pledged to His Highness the Prince, and the National Assembly and the Kuwaiti people to carry out comprehensive reform and eliminate the scourge of corruption and spoilers, which are The subject of a serious commitment, calling on everyone, from institutions and individuals, to embody serious cooperation to confront corruption, protect society from its harms and its effects, and protect public money.

His Highness also pointed to the most important priorities and files raised on all economic, social and other levels and what it requires of them to deal with them in a studied and serious manner. The Cabinet praised this meeting, during which all questions were answered with full transparency and clarity, in a way that contributes to reassurance and comfort in the hearts of citizens, especially in this difficult period the country is going through. Then the cabinet listened to an explanation provided by the Minister of Health, Sheikh Dr. Basil Hammoud Al-Sabah, about the health situation in the country, expressing his satisfaction at the increase in the rate of recovery from those infected with the emerging coronavirus, by more than 50 percent. On the other hand, the Cabinet reviewed the visual presentation submitted by the Governor of the Central Bank of Kuwait, Dr. Muhammad Yusef Al-Hashel, Chairman of the Higher Steering Committee for Economic Stimulation, on a program to support and guarantee funding for economic units affected by the repercussions of the Corona virus crisis , which includes an explanation of the current situation due to the spread of the virus What cannot be understood is the depth of the crisis and the expected period of recovery from its economic effects, as some of the main indicators in the State of Kuwait indicate a significant impact on the private sector institutions of different sizes, and accordingly, possible alternatives were simulated to estimate the economic impact of the crisis on the activities and activities of the private sector, explaining that the delay in response The rapid situation of small and medium enterprises and companies will lead to major negative economic repercussions on them, which could lead to bankruptcy. Accordingly, the main elements of a fast and effective economic support program for economic units and rapid incentive measures that were taken to support banks during this crisis that led to an increase in their ability to lend and activate monetary stimulus policy tools by reducing the discount rate and the cost of borrowing and providing support were also presented to the Council the financing program The facilitator to support small and medium enterprises affected by the crisis, with a maximum of 250,000 dinars per customer, to cover the periodic contractual expenses required, to be paid within a maximum period of 4 years, including a grace year.

The Cabinet expressed sincere thanks and appreciation for the efforts made by the Supreme Steering Committee for Economic Stimulation, expressing its hope that the proposed steps will contribute to addressing the economic effects and repercussions resulting from the precautionary measures taken to counter the spread of the new Corona virus, stressing the importance of maintaining the private sector’s continued activities to continue The main course in construction and development to achieve Kuwait’s vision 2035, especially maintaining the private sector’s ability to continue to attract national manpower in line with the government’s policy to encourage national cadres to work in the private sector. The Council mandated the Supreme Steering Committee for Economic Stimulation to prepare the necessary legal tools to implement this program and achieve its objectives in coordination With fatwa and legislation. On the other hand, the Council of Ministers was informed of the recommendation of the Economic Affairs Committee regarding the second paper (public finance) reforms and proposals for financing the budget prepared by the Ministry of Finance and which includes a table of financial reforms required to be approved by legislative or executive tools and the Council decided to assign the Ministry of Finance in coordination with all relevant authorities to take action Necessary to issue it with the appropriate legal tool and provide the Cabinet with what it ends up within two weeks of its date.

The Council of Ministers also decided to approve the proposal of the Ministry of Finance regarding not to increase the capital of entities with independent budgets such as bodies, institutions and funds for a period of five years, and also decided to entrust the Ministry of Finance with the following: 1- Coordination with all government agencies to reduce their budget for the fiscal year 2020/2021, with a minimum of 20 percent. 2- Coordination with all government agencies to re-examine public goods and services, the value of subsidies, and to provide the Cabinet with a comprehensive report that includes a timetable for its implementation, the necessary legal tools, the authorities responsible for issuing it, and the expected financial return on the state’s general budget within a month of its date. Volume 0%   His Highness the Prime Minister urged all concerned parties to understand the precise circumstances that the country is going through at this stage and what it requires to reduce spending and commit to strict implementation of the proposed measures and serious cooperation to overcome this stage with minimal damage

Source: https://alqabas.com/article/5777914