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Kuwait withdraw two billion dollars from the reserve to support their airlines
Date: 01/24/2017 09:59
Information / Baghdad ..
Kuwaiti authorities have agreed to withdraw two billion dollars from the general reserve to cover the government Airways losses, which suffer from financial, technical and administrative crises with banks refusing to finance it.
A report of the Finance Committee of the Kuwaiti National Assembly for approval by a majority of members of the Committee to cover the financial needs of the national carrier, after it refused the request at its meeting held two weeks ago.
The report showed, according to the "new Arab" newspaper, that the company is able to negotiate with banks to finance them, due to the lack of a clear management structure for the company unable to stop the losses recorded in the financial statements.
According to the parliamentary report, the «current management of the company presented six scenarios to obtain the necessary funds for the lines of Kuwait, but all of them are not valid, the company requested deadline of three months to modify the financial and administrative position before converting two billion dollars to them, so this is not a drain on the finances of the State».
And suffer Kuwait Airways, one of the oldest airlines in the region, aging aircraft. The company is currently seeking to restructure its operations and its fleet in preparation for a strategic stake put up for privatization, but the government backed down under pressure from the House of Representatives to proceed with the privatization plan because of what he wished its large annual losses.
The plan was to launch 40% of the shares of Kuwait Airways to go public, selling 35% to an investor for the long term, while the government retains 25%, in accordance with the law passed by Parliament in 2008. Finished / 25
http://almaalomah.info/2017/01/24/economic/124639
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