There seems to be an understanding between the Government and the Parliament concerning the approval of public loan law by raising the lending ceiling to KD 25 billion with several conditions and criteria for government to fulfill, reports Al-Anba daily.
The daily quoting a source cited among the criteria the need to present the national project for financial and economic sustainability, which requires necessary legislation to consolidate financial sustainability. It also includes an agreement on additional principles to reduce government expenditure while diversifying nonoil revenues to strengthen the sources of income.
The stipulated criteria include amendment to the principles of budget preparation in executing reforms pledged by the government by submitting a new draft bill to deal with the root cause of all financial and structural deficiencies, the source explained. He also said the loan should be directed based on criteria set by the supervisory authorities. He declared that government is making frantic efforts to accomplish arrays of new draft bills such as Islamic bond, criminalizing meddling of non-government organizations in elections, charity, budget preparation, strategic alternative, bankruptcy, right of access to information, and banning the use of certificates that are not evaluated.
A parliamentary source affirmed that government has referred the Early Retirement Bill back to the Parliamentary Committee on Finance to repeal Article 4 of the bill, which stipulates that an employee shall be sent for retirement upon attaining 30 years in active service. He indicated the committee will resume for meetings over the bill after Eid holiday. He noted the executive and legislative authorities have reached a compromise over the issue to ensure it passes through the first reading in the National Assembly. He explained that government did not make mention of anything related to the financial aspect of its return, but only signified an objection due to the referral for retirement.
SOURCE : ARABTIMES