Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, confirmed that the government is paying great attention to reforming the government banking sector, which dominates about 85 percent of the investments in this vital sector.
Saleh said, in a statement to “Al-Sabah” newspaper, which was reviewed by “Information” that “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 a modern banking market in accordance with the requirements of the Constitution.”
Saleh added, “The government banking sector dominates more than 85 percent of the sector’s total investments, 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 “It necessitated that the financial and banking sector take priority in the basic reform package.”
The government’s financial advisor added, “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 plans face difficult pitfalls, difficult for several reasons, as they lack a number of foundations that push the process forward.