Kuwaiti emir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah
Kuwait - KUNA
The cabinet, in its weekly meeting at Seif Palace Monday, discussed the proposed state budget for the fiscal year 2015/2016.
Finance Minister Anas Al-Khaled made a presentation about the main features of the new budget, said Minister of Cabinet Affairs Sheikh Mohammad Abdullah Al-Mubarak Al-Sabah in a press briefing following the cabinet meeting, headed by His Highness the Prime Minister Sheikh Jaber Mubarak Al-Hamad Al-Sabah.
He added Governor of the Central Bank of Kuwait (CBK) Mohammad Y. Al-Hashel, Finance Ministry Undersecretary Khalifa Hamada and several senior Finance Ministry officials briefed the cabinet about the value of the expected state income and expenditure.
They also presented to the cabinet a number of proposals and recommendations to deal with the repercussions of the recent drop in oil prices without affecting spending on investment and development projects.
Following the deliberations, the cabinet expressed appreciation of the efforts exerted by the Finance Ministry and other relevant state bodies to prepare the budget and urged all state bodies to make the best use of budget allocations to achieve the state interests and meet people's needs.
Then, the cabinet was briefed about Central Bank of Kuwait's Financial Stability Report (FSR) of 2013 which analytically examines key developments in all three areas of the financial system; institutions, markets and infrastructure, with an aim to identify the risks to the stability of the financial system.
The CBK report covers in significant detail the performance of the banking system, assessing their role as financial intermediaries, their management of various risks and their ability to withstand major shocks. It evaluates the functioning of key domestic markets, including the money market, the foreign exchange market, the Kuwait Stock Exchange and the real estate market, as well as their implications for the banking system. Finally, the FSR also highlights the trends in the payment and settlement system.
Earlier, First Deputy Prime Minister and Foreign Minister Sheikh Sabah Khaled Al-Hamad Al-Sabah apprised the cabinet of His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah's recent visits to the United Arab Emirates, Qatar and Bahrain.
Sheikh Sabah Khaled pointed out that His Highness the Amir's Gulf tour has reflected the depth of Kuwaiti relations with three brotherly countries. He added that the talks held during the tour tackled the prospects of joint GCC action to achieve common goals as well as the latest regional and international development of common concern.
The ministers reviewed a letter addressed to His Highness the Amir from Mauritanian President Mohamed Ould Abdelaziz about means to boost bilateral relations.
They were also informed about a letter addressed to His Highness the Amir from Togolese President Faure Gnassingbe. In his letter, Gnassingbe congratulated His Highness the Amir on the UN honoring and its proclamation of him a "Humanitarian Leader" of Kuwait a "Humanitarian Center". The letter also included an invitation to His Highness the Amir to visit the Republic of Togo.
Later, the ministers discussed the main issues on the agenda of the coming National Assembly sessions.
They also debated the latest regional and international political developments.