{"id":48709,"date":"2020-06-26T10:49:40","date_gmt":"2020-06-26T07:49:40","guid":{"rendered":"http:\/\/192.163.207.100\/~timesku1\/news\/?p=48709"},"modified":"2020-06-26T10:52:53","modified_gmt":"2020-06-26T07:52:53","slug":"kuwait-mulling-tapping-into-future-generations-fund-to-handle-economic-fallout-from-coronavirus","status":"publish","type":"post","link":"https:\/\/timeskuwait.com\/news\/kuwait-mulling-tapping-into-future-generations-fund-to-handle-economic-fallout-from-coronavirus\/","title":{"rendered":"Kuwait mulling tapping into Future Generations Fund to handle economic fallout from coronavirus"},"content":{"rendered":"<p>Kuwait is yet to see a consensus build up over whether it should be using its Future Generations Fund to tackle the economic fallout from the ongoing COVID-19 pandemic. A former finance minister, Bader Mishari Al Humaidhi, said the Fund was set up to be used in [future] critical times and not for the present. He is not the only one voicing such an opinion.<\/p>\n<p>Another former minister, Bader Al Humaidi, said suspending the allocation to the Fund is \u201cevidence of weak financial management\u201d.<\/p>\n<p>Bring handful of moon dust: Kuwait imposes impossible conditions for relief loans<br \/>\nBy law, 10 per cent of Kuwait\u2019s revenues is transferred annually into the Fund, which invests abroad. The government will provide more than 1 billion dinars ($3.25 billion) in the current fiscal year alone. While a withdrawal from the fund would require an enabling law, taking out a loan or investment from the Fund would not. The fund is run by the Kuwait Investment Authority.<\/p>\n<p>Government sources say the plan is to send a bill to parliament, with a plan to stop deducting the share of the Fund from budget. This will save more than 1 billion dinars in the current fiscal year.<\/p>\n<h4><strong>A yawning deficit gap<\/strong><\/h4>\n<p>But the estimated budget deficit due to the mounting cost of fighting the coronavirus is about 9.5 billion dinars ($30.9 billion), and the estimates have doubled with the decline in oil prices.<\/p>\n<p>Some in government reckon that not allocating to the Future Generations Fund this year will free up more cash to take care of the economy now.<\/p>\n<p>But Al Humaidi warned the government is going for the easiest solution, which is stopping the transfer to the Fund. Instead, it\u2019s better to take a serious step to redress the deficit and stop the financial waste. \u201cThe government instead of dealing with the root causes that led to the accumulation of the deficit, went to the only positive part of the budget &#8211; its saving and investing for the future generations. It is addressing the budget deficit mistake with a greater one &#8211; by stopping transfers to the Fund.\u201d<\/p>\n<p>Former ministers and officials have called for the setting up of an economic team to work out a proper austerity plan and arrive at ways to balance the budget. And to ensure the rights of current and future generations are not compromised.<\/p>\n<h4><strong>Voices in favour<\/strong><\/h4>\n<p>But influential voices are there to back the suspension of transfer of reserves to the Fnd this year and use the savings to help the economy. A former managing director of the General Investment Authority, Ali Al Bader, considers the deferred amounts an obligation of the state. \u201cThis option also guarantees the rights of future generations, and the Ministry of Finance can pay back deferred funds in the future,\u201d he said.<\/p>\n<p>Ali Al Mousa, a former minister of planning, said that the state\u2019s public finances are no longer healthy, given the persistent deficit. Therefore, a \u201cdecision to stop deducting the share of the Future Generations Fund is a natural measure,\u201d Al Mousa said.<\/p>\n<p>\u201cTransfers made sense in the light of past budget surpluses from investments and savings. Now, in the light of the low oil prices, revenues are not sufficient to continue with this move.\u201d<\/p>\n<p style=\"text-align: right;\"><em>Source: Gulf News<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kuwait is yet to see a consensus build up over whether it should be using its Future Generations Fund to tackle the economic fallout from the ongoing COVID-19 pandemic. A former finance minister, Bader Mishari Al Humaidhi, said the Fund was set up to be used in [future] critical times and not for the present. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":48515,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,18],"tags":[],"class_list":["post-48709","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-local"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Kuwait mulling tapping into Future Generations Fund to handle economic fallout from coronavirus - TimesKuwait<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/timeskuwait.com\/news\/kuwait-mulling-tapping-into-future-generations-fund-to-handle-economic-fallout-from-coronavirus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kuwait mulling tapping into Future Generations Fund to handle economic fallout from coronavirus - TimesKuwait\" \/>\n<meta property=\"og:description\" content=\"Kuwait is yet to see a consensus build up over whether it should be using its Future Generations Fund to tackle the economic fallout from the ongoing COVID-19 pandemic. A former finance minister, Bader Mishari Al Humaidhi, said the Fund was set up to be used in [future] critical times and not for the present. 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