Economic change a priority: Kuwait

Published Thursday, April 03, 2008

By Agencies

Kuwait's finance minister said setting up a stock market regulator and selling stakes in state-owned firms remains a priority for the government, according to Al Qabas newspaper on Thursday.

Mustapha al-Shamali said passing a long-delayed draft law to up a financial regulator was "a top priority," Qabas said. "We are in a dire need for this law," Shamali is quoted as saying.

"The government is ready to shift its services activities to the management of the private sector," Shamali said. "We hope the privatisation law will be passed quickly."

In January, parliament approved the sale of loss-making national carrier Kuwait Airways Corp.

Kuwait wants to emulate Gulf Arab neighbours such as Dubai and Bahrain in developing its financial services industry.

Kuwait's ruler dissolved parliament last month and called elections for May 17 to end a political standoff between the cabinet and deputies, which stalled economic policy changes. (Reuters)

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