National Assembly Speaker Marzouq Al-Ghanim urged against allowing for the current generation to draw from the future generations fund, calling for acceptable and economically feasible alternatives.
President Al-Ghanim added: “On February 17th, I received a draft law related to deducting and taking sums from the Future Generations Fund, and I referred it to the relevant committee, which is the Finance Committee, on the second day.”
He continued: “The first article of the draft law says (it is permissible to withdraw an amount from the reserve for future generations that does not exceed KD5 billion annually), to meet any deficit in the state’s general reserves,” adding: “I will talk about solutions in the short and long term. In the short term, this is not a rational solution, or certainly not the best option, because the cost of monetizing the investments in the funds or reserves for future generations is much greater than the cost of borrowing on the state.”
He continued: “I do not think that the bill will be approved, for several reasons, the first of which is that this is a matter of wealth that we, the current generation, do not possess. It is wealth for future generations, and the mismanagement of the current generation and those responsible for it over many years, should not be borne by the next generation. They are our children, and we must be more careful of them than ourselves.”
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