The National Assembly endorsed on Tuesday the memorandum of understanding agreed upon by Kuwait and the IMF regarding the headquartering of the IMF Middle East Center for Economics and Finance in Kuwait.
The endorsement came after an initial rejection by the Assembly's foreign affairs committee citing the inappropriateness of spending money on the construction of such a headquarters in Kuwait.
This reservation by the committee was refuted in the Assembly's session today by Minister of Finance Anas Al-Saleh who presented proof that funds to be spent on the headquarters would be appropriate, noting that the headquarters would be one of only seven worldwide, and the only one in the Middle East, chosen by the IMF, insisting that Kuwait fought hard to get this privilege which he stressed would enhance Kuwait's reputation regionally and internationally.
The Nationally Assembly had, in its session last April 2nd, postponed voting on a draft law for the establishment of the headquarters for at least one month pending the presentation by the government of a solid case for its construction in Kuwait. This prompted the Minister of Finance to show the foreign affairs committee proof that it was in the best interest of the country to host the IMF Middle East headquarters.
On a different note, the Assembly agreed to postpone voting -- until the convening of the next scheduled Assembly session -- on a draft proposal to make a number of amendments regarding the establishment of a capital markets authority and the streamlining of local equity markets.