NEW YORK, Sept 27 (KUNA) -- The Arab Banking Association of North America
(ABANA) held a banquet to honor the Managing Director of Kuwait Investment
Authority (KIA) Bader Al-Saad for his achievements in financial management.
The ceremony Monday night was attended by a host of representatives of
banks and financial and investment institutions, as well as economic and
financial experts, businessmen, and the Ambassador of Kuwait to the US Mansour
Al-Saad told KUNA, following the banquet, that leaders should put aside
their political differences and concentrate instead on their countries'
economies and on job creation.
"We are facing increases in regulations of banks and financial
institutions; Increases in requirements of common equity capital. These
regulations were issued in haste and in reaction to high unemployment," he
said addressing the gathering.
"They were done by politicians to pacify public opinion against financial
institutions during and after the crises. These regulations will not create
jobs. These regulations will slow down growth," he added.
"We are disappointed by politicians who are more interested in the results
of the ballot boxes," he stated.
He said that "the tug and pull over raising public debt was a pain all over
the world. The agreement reached by the politicians, however, was not one
based on sound economic assessment and grounds and lacked adequate regard for
the issue of unemployment."
As to Kuwait's role in this area and the effect such concerns has on its
economy, he remarked the state invests in highly developed and strongly
developing markets, and is very concerned, therefore, with any depreciation in
the value of currency or value of assets caused by purely political and
economically-blind decisions in the concerned countries.
ABANA has been functioning, for 25 years, as the bridge and liaison between
the financial sectors of North America on the one hand and the Middle East and
North Africa on the other.(end)
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