Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Expats may face subsidies loss in switch to allowances for Kuwaitis   Join our daily free Newsletter

MENAFN - Arab Times - 25/02/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab Times) The government has been contemplating on the possibility of eliminating subsidies deemed unnecessary and a wastage of public funds. This step appears like an application of the Newton Law: "For every action there is a reaction", in view of the pressure mounted by the Parliament to ensure passage of the proposal to increase the children and rent allowances in line with the idea presented by the Finance Committee in the last session



According to a lawmaker who requested for anonymity, the Ministry of Finance has been carrying out comprehensive review of the best alternatives to suit recommendations from the National Assembly; especially the children and rent allowances. He hopes the government will present the alternatives to the National Assembly on March 2



Meanwhile, a reliable source revealed the current review being carried out by the government will reveal information which will be used to question the continuity of unjustified subsidies. He said the new mechanism will not affect the low-income earners and the rightful beneficiaries of subsidies. He claimed some people, who are not entitled to the subsidies, are benefiting from them. He explained the subsidies are supposed to assist citizens; but they instead go to other segments that have become a burden to the national budget, especially the subsidies for certain services like electricity, water, fuel and basic commodities



He affirmed the government will present clear proof to the National Assembly to support its argument that continuing the current mechanism for expenditures will lead to a budget deficit by 2017. He warned the scenario might lead to difficulties in the payment of salaries, so the country must quickly find alternatives considering the possible decline in the prices of oil soon




 


Arab Times




  MENA News Headlines
 Mar 3 2015 - Kuwait Investment to cut US investmentMENAFN
(MENAFN) The Kuwait Investment Office (KIO), the London branch office of sovereign wealth fund Kuwait Investment Authority, is gradually reducing its overweight stance on US assets after keeping that ...

 Mar 3 2015 - Oman's NDC hits sales revenue of USD60.47m in 2014MENAFN
(MENAFN) National Detergent Co. (NDC), one of the leading FMCG companies in the sultanate, has posted total sales revenue of USD60.47 million for full-year 2014, compared with USD56.13 million a year ...

 Mar 3 2015 - 100 per cent rise in FDI expected this yearKhaleej Times
(MENAFN - Khaleej Times) Egypt expects 100 per cent increase in foreign direct investment, or FDI, during the current fiscal year compared to last year, Investment Minister Ashraf Salman said on ...

 Mar 3 2015 - Record 86 exhibitors participate in ME ElectricityKhaleej Times
(MENAFN - Khaleej Times) Shaikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance, inaugurated the 40th edition of Middle East Electricity (MEE) which takes place until ...

 Mar 3 2015 - Jebel Ali Free Zone opens service centre in Jafza SouthKhaleej Times
(MENAFN - Khaleej Times) Jebel Ali Free Zone, or Jafza, the flagship free zone operation of Dubai and the trade and logistics hub for the wider Middle East Region, has inaugurated its new integrated ...

 Mar 3 2015 - Dubai International passenger traffic grows 7.7 percent in JanuaryMENAFN
(MENAFN) Dubai International began new year on high note as the airport handled record 6.9 million passengers in January, indicating an increase of 7.7 percent due to holiday traffic and the annual ...

 Mar 3 2015 - Egypt looks forward to 2015Khaleej Times
(MENAFN - Khaleej Times) The Egyptian economy has passed through difficult times and 2015 looks set to be a banner year for offerings, economic experts reiterated at the EFG Hermes 11th Annual ...

 Mar 3 2015 - Key GCC projects remain insulatedKhaleej Times
(MENAFN - Khaleej Times) Major investment projects that are part of GCC strategic initiatives, such Dubai Expo 2020 and the 2022 Fifa World Cup in Qatar, are likely to remain insulated from the ...

 Mar 3 2015 - Dubai Int'l passenger traffic up 7.7% in JanuaryKhaleej Times
(MENAFN - Khaleej Times) Dubai International began new year on high note as the airport handled record 6.9 million passengers in January, reflecting an increase of 7.7 per cent due to holiday traffic ...

 Mar 3 2015 - Dirham to stick with dollar, says Central bank chiefKhaleej Times
(MENAFN - Khaleej Times) The UAE economy is greatly benefitting from a strong US dollar, says Mubarak Rashed Al Mansoori, the governor of the Central Bank of the UAE."I think it's very interesting ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help