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Kuwait approves $5 bln economic stimulus plan-TV - ASHARQ AL-AWSAT English Archive
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KUWAIT, (Reuters) – Kuwait’s cabinet has approved a $5.2 billion economic stimulus package that had been delayed by bickering between the government and parliament, private television station Al Rai said on Thursday.

The station gave no source or details in its alert. Newspapers had earlier said the cabinet would approve the bill on Thursday by decree at an extraordinary meeting.

Kuwait, one of the world’s biggest oil exporters, has been badly hit by the financial crisis and is the only Gulf country that has had to step in to save a big bank.

Last week, the emir dissolved parliament to end a political crisis that has delayed several economic laws.

The head of state and the cabinet assumed the legislative powers of parliament until a new house is elected. They can pass urgent laws by decree and put them before lawmakers for formal approval after elections.

Investment companies, which make up half the listed firms on the Kuwait stock exchange, have said they need the stimulus package, which offers bank guarantees and helps banks unable to raise new funds since it allows the government to buy unsubscribed shares in banks’ capital raisings.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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