Mazhar Muhammad Saleh, Advisor to the Prime Minister for Financial Affairs, said that the government is focusing heavily on overhauling the government banking sector, which accounts for around 85 percent of all investments in this critical sector.
“There are priorities in the pace of economic reform that the government program brought in spirit and letter, as reforming the government banking sector and returning it to work on the basis of efficiency and high competitiveness is the main goal of financial reform that The government seeks this within the framework of a broad program of economic and institutional reform and building,” Saleh said in a statement to “Al-Sabah” newspaper, which was reviewed by “Information.”
“The government banking sector dominates more than 85 percent of the sector’s total investments,” Saleh continued, “but at the same time it suffers from a heavy legacy as a result of its faltering for more than four decades of instability in the face of the progress that has afflicted banking in the world,” noting that “this matter “required that the financial and banking sector take priority in the basic reform package.”
The government’s finance advisor stated, “The development plans required to be submitted by government banks will reflect the banks’ capabilities for reform and the corrective decisions required to be taken to proceed with the major banking reform process to achieve the goal of reform.”
Banking reform proposals confront significant difficulties for a variety of reasons, including a lack of a number of foundations that propel the process ahead.