Kuwaiti Cabinet mulls oil price slump aftershocks

The cabinet discussed Monday, in its weekly meeting at Bayan Palace, a series of proposed precautionary measures to deal with the current deterioration of oil prices and the future prospects of oil markets.
Following the meeting, Minister of State for Cabinet Affairs Sheikh Mohammad Al-Abdullah Al-Mubarak Al-Sabah stated that His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah underscored the importance of quick and serious moves to put into effect the directives of His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah during the extraordinary cabinet meeting on Sunday, especially those related to the economic situation in light of the developments on the oil market and slump of oil prices.
He added that the cabinet mulled a number of proposals to beef up national economy and to push forward partnership between the public and private sectors.
The cabinet will complete discussions of the proposals, its executive measures and timetables in the coming meeting, he said.
The cabinet endorsed a draft decree on the new lineup of the supreme council for the public authority for people with special needs.
It approved a draft decree to consider Thursday 1/1/2015 a holiday for the government bodies on the occasion of the New Year.
The cabinet ratified, and referred to His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah a draft law on Kuwait's maritime zones and a draft law on Investment Protection and Promotion Agreement with Greece.
Later, Deputy Prime Minister and Minister of Commerce and Industry Abdulmohsen Al-Madaj briefed the cabinet about his refutation and answers to the different questions and issues raised by the grilling motion filed against him by MP Abdullah Al Traygi before he ascend the parliament's podium Tuesday.
After listening to his answers, the cabinet expressed full support to the minister Al-Madaj, hoping the MPs would use the parliamentary tools to oversee government's performance in a positive way that abides by the constitution and parliament regulations.
Earlier, the cabinet was informed about a letter addressed to His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah from the Turkish President and Chairman of the Organization of Islamic Cooperation (OIC)'s Standing Committee for Economic and Commercial Cooperation (COMCEC) Recep Tayyip Erdogan.
The letter included an invitation to Kuwait to endorse the OIC trade preferential tariff scheme protocol and the rules of origin agreement of the OIC's preferential system.
The cabinet was also apprised of a letter sent to His highness the Amir from President of Pakistan Mamnoon Hussain who invited His Highness the Amir to attend the first Muslim science and technology summit, to be held in Pakistan next April.
It was also informed about a letter sent to His Highness the Amir from the former US president Bill Clinton who invited His Highness the Amir to partake in the Clinton Global Initiative's First Middle East & Africa Conference, to be held in Morocco in April/May of 2015.
The cabinet was briefed about a letter sent to His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah from his Tunisian counterpart Mehdi Jomaa. The letter focused on means to expand cooperation and strengthen bilateral relations.
The cabinet congratulated Bahraini King Hamad bin Isa Al-Khalifa and people on the National Day celebration on Tuesday. It wished the Kingdom of Bahrain more progress and welfare and stability.
Later, the ministers discussed the main issues on the agenda of the coming National Assembly sessions. They also debated the latest regional and international political developments.