Presentation On Kuwait's Recent Fitch Ratings With Stable Outlook - Weekly Cabinet

(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Sept 9 (KUNA) -- The cabinet Tuesday witnessed a visual presentation by the Governor of the Central Bank of Kuwait, Basel Ahmad Al-Haroun, regarding Fitch Ratings' recent announcement of Kuwait's sovereign credit rating at AA- with a stable outlook, supported by the strength of the domestic financial situation, and an exceptionally strong external balance.
After the weekly Cabinet meeting chaired by His Highness the Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah at Bayan Palace, Deputy Prime Minister and Minister of Cabinet Affairs Shereeda Abdullah Al-Mousherji said in a statement.
The presentation included the introductory framework for sovereign credit ratings and the trajectory of Kuwait's sovereign credit rating, particularly the latest sovereign credit rating, with regard to the rating results, its implications, and the main analytical pillars of the rating.
It also highlighted the factors that could raise or lower Kuwait's credit rating, as well as the current and future requirements for achieving financial sustainability and maintaining Kuwait's credit rating.
The Council of Ministers affirms its commitment to continuing financial reforms that will raise Kuwait's sovereign credit rating on relevant global indices.
Earlier, at the start of the cabinet meeting, the ministers reviewed messages received from the Amiri Diwan and addressed to His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah from the heads of several countries regarding ways to strengthen bilateral relations and activate cooperation between the State of Kuwait and these countries in various fields.
On a different front, Minister of Public Works Dr. Noura Mohammad Al-Mashaan briefed the ministers on the results of the coordination meeting she held yesterday with the President of the Audit Bureau, Issam Salem Al-Roumi, and the Chairman of the Board of Directors of the Central Agency for Public Tenders, Issam Dawood Al-Marzouq.
The meeting was also attended by officials from the Ministry of Public Works, the Ministry of Interior, the General Authority of Civil Aviation, and the Fatwa and Legislation Department.
The cabinet also delved into the latest developments related to the (New Passenger Terminal T2) project at Kuwait International Airport.
Discussion aimed to enhance cooperation and coordination among relevant entities to ensure the project's implementation is monitored according to the highest standards of quality and efficiency.
For its part, the cabinet called on the Ministry of Public Works, the General Authority of Civil Aviation, the Ministry of Interior, the Audit Bureau, the Central Agency for Public Tenders, the Fatwa and Legislation Department, and all relevant government agencies to intensify efforts, continue cooperation, and coordinate among themselves to overcome any difficulties that may hinder the implementation of this project and other development projects in the country, with the aim of accelerating the pace of work according to the specified timetable for the operation of these projects.
Later, the cabinet approved a draft decree-law amending certain provisions of Law No. 21 of 2015 regarding Children's Rights.
This stems from the state's commitment to protecting all children's rights stipulated in the aforementioned law, particularly those related to national identity.
This came after some parents were found to be lax in obtaining official documents for their children, specifically adding them to the father's nationality portfolio.
This necessitated the enactment of legislation obligating the legal guardian to add the newborn to the nationality portfolio, as stipulated in Article 17 of Law No. 21 of 2015 regarding the Rights of the Child.
Article 81 of the aforementioned law stipulates a punitive penalty for anyone who violates this obligation.
The Ministry of Interior was tasked, in coordination with the Fatwa and Legislation Department, with preparing an explanatory memorandum for the draft decree-law amending certain provisions of Law No. 21 of 2015 regarding the Rights of the Child.
The Council of Ministers decided to submit the draft decree-law to His Highness the Amir Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah, may God protect him.
On the other hand, the Council of Ministers reviewed the minutes of the meeting of the Ministerial Committee for Legal Affairs, which included several provisions, most notably the draft decree regarding the controls on the ownership of real estate companies, funds, and investment portfolios, in implementation of the provisions of Decree-Law No. 74 of 1979 regulating the ownership of real estate by non-Kuwaitis.
The Council of Ministers also reviewed the draft decree amending some provisions of Decree No. (37) of 1994 establishing the Kuwait Institute for Judicial and Legal Studies.
The cabinet decided to approve the two draft decrees and submit them to His Highness the Amir Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah, may God protect him.
The Cabinet also approved a draft decree-law issuing a unified industrial regulation law for the Gulf Cooperation Council (GCC) countries, in addition to a number of draft decree-laws, memoranda of understanding, and agreements between the Government of the State of Kuwait and the governments of several countries, aimed at strengthening Kuwait's position and enhancing relations with these countries in various fields.
The Cabinet decided to submit these draft decrees to His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah.
Later, the cabinet reviewed a number of topics on the agenda and approved them, including referring a number of topics to the relevant ministerial committees for scrutiny and preparation of reports. (end)
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