Moves to support and stimulate
SUPPLEMENT - KUWAIT - September 01, 2009
The Organisation for Economic Cooperation and Development (OECD) announced in a report released on June 8 2009 that the pace of economic deterioration is slowing in its member countries. This may in part be due to many governments across the world implementing measures to stimulate growth in their economies to prevent their decay. In this regard, Kuwait is no exception. In March 2009, the legislature passed Law Decree No 2 of 2009, known as the financial stability law.
The law was promulgated to promote confidence in the business and banking sector of Kuwait and to stimulate the economy by implementing measures targeting entities which, if assisted during these tumultuous times, will be able to continue doing business. The entities which are to be assisted include banks (both local banks and local branches of foreign banks), investment companies, and certain other qualified companies which conduct business in specified sectors of commerce.
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