A+ A-

Kuwait gov't rescue package to address Covid-19 economic impacts - PM

KUWAIT, June 3 (KUNA) - His Highness the Prime Minister Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah said Wednesday the government adopted a rescue package to address economic ramifications of the novel coronavirus (Covid-19).
The package includes bills about public debt and bankruptcy, which aim at preserving many companies and save jobs of 73,000 Kuwaitis in the private sector, His Highness the Prime Minister said during a meeting with Editors in Chief of local newspapers.
"We should act to mitigate the expected negative effects on the economic situation, and the (pandemic) crisis that has shaken the world and impacted the economy heavily," he said.
His Highness the Prime Minister called for addressing the economic conditions through a bundle of laws. "We might not need the public debt law today but later. However, we need laws that precede it in order to lessen the damage caused by the health crisis," he added.
He said the priority now was for the health situation, but the government was also focusing on security and economic conditions, specially of people living in areas under lockdown: Hawally, Maidan Hawally, Khaitan, Farwaniya, Mahboula and Jleeb Al-Shuyoukh.
The government, he added, was now working on approving the rescue package "which will decrease the impact and pave way for the next government to focus on structure of population, corruption and unstable economic condition." His Highness the Prime Minister, meanwhile, said His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah's instructions to honor people working during the time of pandemic included Kuwaitis and non-Kuwaitis. (pick up previous) fn.jy.bs