Governor of the Central Bank of Kuwait (CBK) Mohammad AlHashel Wednesday called on parliament to approve amended laws on rentals and work in the private sector and a finance support and guarantee program. Al-Hashel made the remark during a parliamentary committee meeting that was attended by owners of small, medium and large enterprises to look into the fallout of the Covid-19 pandemic.
Al-Hashel, who chairs an economic stimulus committee, said the private sector has major challenges to address while small-sized enterprises are suffering more serious challenges so it is essential to ponder over the business scheme and how to cope with changes.
“We have a hard stage ahead, which is very different from previous ones. Some businesses may not be able to continue, so we need development and change so as to adapt to the current circumstances and to fulfill people’s needs,” he warned. He added that the economic stimulus committee is keen on providing necessary financial resources to overcome the crisis, noting that a large part of the required economic package had been approved.
The CBK governor noted that the private sector’s 23 percent share of the gross domestic product is so meager that it should be boosted, lamenting that there is no available date on small and medium-sized enterprises.
He said that it is wrong to talk about an all-out economic reform before going out of the current crisis, referring to the novel coronavirus (Covid-19) pandemic. Several ministers and MPs attended the parliamentary committee’s meeting on efforts to alleviate the problems caused by the Covid-19.
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