Would you like to make English your default language, on this site? |
Kuwait’s parliament initially approved a bill requiring the government to buy more than $21 billion in loans taken out by Kuwaiti citizens, AFP reported on Thursday (December 24th). The bill passed with 38 votes for, 18 against after an 18-hour debating session. Finance Minister Mustafa al-Shamali argued that the plan is unconstitutional. Such a bailout will encourage citizens to spend without thought of repercussions, he said. But MPs blamed the government for not properly monitoring local banks, which they said lured Kuwaitis to take on loans they could not afford.