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
 Aug 27 2015 - Peninsula Energy in share consolidation ahead of NYSE MKT listingProactiveInvestors - Australia
(MENAFN - ProactiveInvestors)Pending U.S. uranium producer Peninsula Energy (ASX:PEN) will conduct a 40 for 1 share consolidation of its listed ordinary shares and options ahead of a listing on the ...

 Aug 27 2015 - Dubai's Al Habtoor seeks to borrow USD408mMENAFN
(MENAFN) Dubai's Al Habtoor Group is seeking to finance its property investments, and is intending to borrow USD408 million from local banks to achieve that.First Gulf Bank has stepped in to see the ...

 Aug 27 2015 - Saudi Red Sea mall unveils USD46.5m expansionMENAFN
(MENAFN) The Red Sea Mall, Jeddah's biggest shopping center, has just declared the beginning of its largest expansion project, estimated at USD46.5 million.This main stream project is considered the ...

 Aug 27 2015 - EGOTH prioritises investing in company's assets in FY 2015/2015: ChairmanDaily News Egypt
(MENAFN - Daily News Egypt) The profits of the Egyptian General Company for Tourism and Hotels (EGOTH) amounted to EGP 156m during fiscal year (FY) 2014/2015, according to the company's Chairman and ...

 Aug 27 2015 - Egypt- EGX rises minimally, remains affected by global performanceDaily News Egypt
(MENAFN - Daily News Egypt) The Egyptian Stock Exchange (EGX) recovery continued for a second trading day on Wednesday, after witnessing a continuous dropping pattern. The benchmark index EGX-30 ...

 Aug 27 2015 - Mahmoud Hussein: Youth without youth in Egypt's cellsDaily News Egypt
(MENAFN - Daily News Egypt) Mahmoud Mohamed Hussein was 18 years old when he was arrested. . Today he has grown a little older, and wonders at what age he will possibly be released from prison. Like ...

 Aug 27 2015 - Egypt- Rice exports haltedDaily News Egypt
(MENAFN - Daily News Egypt) Minister of Industry and Foreign Trade Mounir Fakhry Abdel Nour has issued a decision to stop exporting rice beginning in September.Abdel Nour explained in a statement ...

 Aug 27 2015 - Egypt- Boycott campaign seeks to lower skyrocketing meat pricesDaily News Egypt
(MENAFN - Daily News Egypt) campaign was launched on social media platforms in Egypt calling on citizens to boycott buying meat, in protest of the increasing prices of meat.The campaign said, on its ...

 Aug 27 2015 - UAE- DP World 1H profits increase 22%Daily News Egypt
(MENAFN - Daily News Egypt) Global marine terminal operator DP World announced that its profits for the first half of 2015 have increased by 22%, as the company handled more cargo in addition to ...

 Aug 27 2015 - Egypt- Controversial TV host Ahmed Moussa awaits court order on programmeDaily News Egypt
(MENAFN - Daily News Egypt) Controversial TV host Ahmed Moussa is facing a court decision regarding the halting of his daily programme, according to a decision issued Wednesday by the advisory board ...

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