Member of Parliament Osama Al-Shaheen has called for prudent governance, efficient management, and careful direction of foreign grants, loans, and deposits. He announced his intention to pose a question to Minister of Finance, Fahd Al-Jarallah, regarding the reasons behind the non-recovery of deposits due for repayment in foreign countries.
Al-Shaheen made this statement at the media center in the National Assembly, emphasizing his receipt of a response from the Minister of Finance to a prior inquiry. The response unveiled that Kuwaiti deposits in various Arab countries totaled more than 2.257 billion dinars, spread across nine Arab nations, including five facing economic challenges, reports Al-Rai daily.
He elaborated, “As per the minister’s response, Kuwait’s current government deposits in Iraq alone, despite the historical context of the Iraqi invasion, ongoing infringements, and recent agreement violations, stand at $815 million, due for repayment in December 2023.”
Al-Shaheen disclosed that Kuwait’s current government deposits in the sisterly Republic of Egypt amount to $4 billion, with half of this sum set for repayment this September. He expressed surprise at the Minister of Finance’s request to keep this data undisclosed, asserting that transparency and public disclosure are fundamental principles essential for public scrutiny and oversight by elected representatives and the nation.
He pledged to submit a parliamentary question based on this response, which suggests that the state has yet to recover any of the funds from these substantial government deposits in Arab countries.
He commended the expeditious consideration of legislative proposals related to the Kuwait Development Fund, Public Institution for Social Security (PIFSS), and replacement system by the Parliamentary Finance Committee, revealing an invitation to attend their upcoming meeting.
Al-Shaheen emphasized that the government should not utilize a financial deficit as an excuse at the expense of the citizens when it possesses substantial deposits and sovereign funds.
He stressed the importance of prioritizing citizens’ welfare and criticized selective distribution of rewards through executive decisions, calling for equal rights for all citizens.