Stimulus law to protect Kuwait’s banking system: economist

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"The package will bolster up the country’s banking system and encourage investors resume their role in economic recovery," Dr. Yusuf Al-Ibrahim, economic advisor at the Amiri Diwan and former minister of finance said in a lecture here.

The lecture, themed " "Financial Crisis and its Impact on Kuwait," was organized by the Advocate for Westerners-Arab Relations Center (Aware).

"Still, the package needs complementary measures to resume the economic growth such as the acceleration of efforts to adopt the capital market authority, the business act and other measures, said Al-Ibrahim who is also president of the Kuwaiti-American Alliance Organization and former Dean of the College of Business Studies at Kuwait University (KU).

He highlighted the importance of amending some legislations to stimulate investment in the real property and service sectors as soon as possible and back up the small enterprises.

"The-size small enterprises which employs young workers are in need of urgent support and subsidy to complete their current projects without having to lend from commercial banks.

"The youths working in such firms are also in need of financial help, ," he underscored Al-Ibrahim called for launching supervisory bodies to guard against the negative impacts of the global economic and financial turmoil on the Kuwaiti economy.

In line with vision of His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah Kuwait will pursue the steps towards transformation into a regional financial and commercial hub, he added.

Al-Ibrahim briefed the Aware’s members on the latest developments of the international financial crisis and its impacts on the development of Arab-Western relations as well as the strategy of Kuwait to overcome such impacts. Aware is a non-profit, not-governmental organization established in 2003 to promote positive relations between Westerners and Arabs. To enrich cultural experiences and clear misconceptions from both sides, Aware strives to improve cultural understanding through a variety of services which share the culture of Arabs and Muslims.

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