KuwaitOther News

Finance minister denies losing $70 billion

Finance Minister Anas Al-Saleh

KUWAIT: Finance Minister Anas Al-Saleh categorically denied reports that Kuwaiti assets abroad have lost around $70 billion. The minister reiterated that neither Kuwait Investment Authority (KIA), the country’s sovereign fund, nor the Public Institution for Social Security made such losses. The minister called for taking legal action against those who initiate such false reports. Saleh said that both KIA and the Social Security posted good profits in the past fiscal year. The minister told the closing session of the National Assembly two weeks ago that Kuwaiti fiscal reserves have reached their highest level ever at the end of March. He did not provide details.

MP Riyadh Al-Adasani meanwhile sent a number of questions to the Minister of Social Affairs and Labour Hind Al-Sabeeh about the activities of charity organizations and the fund raising activities. He said his questions come after Kuwaiti courts convicted several people of funding the Islamic State terror group. He asked the minister if there are any unlicensed bodies or individuals who can raise charity funds in Kuwait and demanded a list of their names if any. He also asked about the ministry mechanism of monitoring the collection of donations and also of spending them.

By B Izzak

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