'Resilience in the Face of Adversity'
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olympics Pages 14, 15 & 16 markets THE FIRST ENGLISH LANGUAGE DAILY IN FREE KUWAIT Page 9 Established in 1977 / www.arabtimesonline.com TUESDAY, JULY 27, 2021 / ZUL-HIJJAH 17, 1442 AH emergency number 112 NO. 17747 16 PAGES 150 FILS ‘Resilience in the face of adversity’ CBK details challenges Opinion he Central Bank of Kuwait (CBK) held supporting and guaranteeing financing to in- Ta symposium launching the 9th Financial centivize the banking sector to lend, based on Stability Report for 2020 on Monday, 26 July which the Law No. 2 of 2021 on the Rescue To the Arab leaders ... He who constantly 2021 at 10:00 a.m. at the CBK headquar- of Small and Medium Enterprises (SMEs) ters as well as through online channels. The Impacted by the Repercussions of Covid-19 planned event intended to address the major Crisis became issued on 18 April 2021. monitors people will worry himself to death economic developments at both domestic and To this end, and in line with its sense of so- international levels, and presented an over- cial responsibility, the CBK in collaboration view on the financial sector in the State of with a number of banks took several initia- By Ahmed Al-Jarallah Kuwait. tives, chief among them were the following: The event hosted prominent economists ■ Editor-in-Chief, the Arab Times Return to work protocols for the banking as panelists and discussants from locally and sector in collaboration with an international THE Arab revolutionary regimes Bronze to shooter Al-Rashidi globally renowned institutions. consultant to ensure the safety of banks’ cus- lost their way and condemned Dr. Mohammad Y. Al-Hashel, Governor tomers and staff. themselves to failure after they of the Central Bank of Kuwait, inaugurated ■ KD 10 million fund placed at the disposal made it their priority to monitor the event stating that the Financial Stability of the Cabinet. and spy on their own people. They Report 2020 gave both a broad and focused plunged into a whirlpool of fear The Governor mentioned that these mea- and terror and drowned their peo- examination of financial stability in Kuwait sures build on decade-long efforts by the ple with it after they established in a year of unprecedented challenges. The CBK to reinforce both monetary stability intelligence networks with its ne- covid-19 pandemic prompted many countries and financial stability by adopting prudential farious methods. Spying became to introduce preventive measures including policies that enhance the dream of citizens. partial and full lockdowns leading to a halt the resilience of the It was narrated that a Libyan in economic activity, as constraints material- Kuwaiti banking man, during the reign of the late ized on both supply and demand leading to system, which al- Libyan leader Muammar Gaddafi, unprecedented impact on both lives and live- lowed it to enter the had a dream in which he was hit- lihoods. crisis from a posi- ting one of the colonels. When he Dr. Al-Hashel added that given the wide- woke up, he told his wife what he tion of strength. had seen in the dream, and she told spread and accelerated transmission, including Mariam R. Ab- her neighbor Umm Salem about it. multiple waves of the virus and consequent dulsalam, CBK On the same night, a security impact on the economy, the economic out- Deputy Manager of patrol team arrived and arrested look was clouded to an unprecedented de- the Financial Stabil- the man for a week. Following gree, exceeding levels seen during the Global Al-Hashel ity Office, gave an his release, he returned home with Financial Crisis. This in turn led to frequent overview on the de- wounds of severe beatings and revisions of GDP projections by international velopment of the banking sector’s financial some fractures. economic bodies, including the International position and key soundness indicators. She Within an hour of his return, the Monetary Fund. Such uncertainty made it dif- explained that the Financial Stability Report same patrol team came again, and ficult for the fiscal, monetary and economic analyses the Kuwaiti banks on a consolidated he said to them, “I repent. I won’t policymakers to make effective decisions and have such dreams again.” basis. She pointed out that, unlike the previ- The patrol officers then said, Bronze medalist Abdullah Al-Rashidi, of Kuwait, celebrates after the men’s skeet at the develop plans to mitigate the crisis-induced ous crises during which banks needed support “Don’t worry, we are only here Asaka Shooting Range in the 2020 Summer Olympics, July 26, in Tokyo, Japan. (AP) repercussions, economic deterioration, and and sometimes propagated the initial shocks, to ask you the identity of the two drastic job losses. banks played a vital role during the pandemic people who were holding the colo- Refl ected towards economic recovery. Thanks to the nel while you were hitting him in ‘Remarkable’ The contraction in global GDP was un- support by the prudential oversight over the your dream.” The man responded, last decade and the pre-emptive measures for “It was my wife and our neighbor Newswatch paralleled in scale and speed, estimated to be around 3.3%, five times worse than dur- liquidity and capital that increased the lend- Umm Salem!” TOKYO, July 26, (Agencies): ing limits, the banking sector was able to This story is a classic case of the Kuwait’s shooter Abdullah Turgi ing the Global Financial Crisis. These effects reality of the Arab revolutionary were also reflected through job loss, with the continue to fulfill its intermediation role and Al-Rashidi won a bronze medal extend credit to the various economic sectors republics. In Egypt, after the suc- with a score of 46 in the Olympic KUWAIT CITY: His Highness the Amir Sheikh Nawaf US unemployment rate dramatically surging cess of the Free Officers Move- Al-Ahmad Al-Jaber Al-Sabah on Monday received a to 14.7%. during the crisis. Despite the pandemic-driv- men’s skeet shooting competi- Abdullah II Jordan ment coup against King Farouk, tion on Monday. phone call from King of , inquiring The Governor added that Kuwait faced a en contraction in nominal GDP, the banking intelligence was given wide pow- about His Highness’ health. sector maintained a positive trajectory with The US’ Vincent Hancock The Jordanian Monarch wished His Highness the Amir dual crisis, where it needed increased medical ers such as arresting and kidnap- took the gold with an Olympic and strategic spending to mitigate the lock- total assets up 2.9% YOY, reaching KD 85.4 ping Egyptians, and spying even lasting wellbeing and the State of Kuwait further progress record score of 59 and Den- and prosperity. down implications and support vulnerable billion. Deposits witnessed an increase of on ministers. mark’s Jesper Hansen won the His Highness the Amir and King Abdullah discussed 4.1%, even with the historically low discount It is worth mentioning that one sectors of the economy, while simultaneously silver with 55. during the contact the solid brotherly relations between grappling with an alltime high estimated bud- rate, to reach an all-time high of KD 61.1 bil- of the ministers of Awqaf (Endow- Some 30 competitors took part the two countries and peoples, means of boosting further lion, of which 78.1% were sourced locally. ment) during the era of Jamal Ab- in the over two days from Sun- these ties at various levels, issues of joint interest and get deficit of KD 10.8 billion for 2020/2021, dul Nasser, a graduate of Al-Azhar i.e., 29% of GDP, attributable to the plunge The increase reflects individuals’ confidence day at the Asaka Shooting range, latest developments on the regional and international in local banks. The banking sector, on a con- University, had a mistress named with the top six advancing to the arenas. in Kuwaiti crude oil prices. Weakness in oil Susu. Every night he talked to her finals. His Highness the Amir expressed deep gratitude markets was best demonstrated by WTI fu- solidated basis, achieved a net increase of on the phone, but the intelligence Al-Rashidi pulled a Kuwaiti flag to King Abdullah for the gracious gesture and “this ture contracts, which fell in April 2020 into KD 2.5 billion in the credit portfolio at 4.8%, recorded these calls and sent them from his pocket and draped it over brotherly communication that depicts the historic and negative territory for the first time in history. which is considered a good sign given the se- immediately to the president. his shoulders, a huge smile beam- solid relations between the two countries and peoples.” This highlights Kuwait’s heavy dependence vere crisis, lack of consumer confidence, and One day, the minister violated ing beneath his bristly mustache. (KUNA) overall material uncertainty. ❑ ❑ ❑ on oil revenues and the deep-rooted financial, Abdul Nasser’s instructions con- The 58-year-old seven-time economic and structural imbalances that need Provisions cerning a ministerial matter due Olympian wrapped the black, KUWAIT CITY: His Highness the Amir Sheikh Nawaf to which Abdul Nasser intended to be addressed immediately. Abdulsalam mentioned that the banking sec- red, green and white cloth around Al-Ahmad Al-Jaber Al-Sabah sent a cable of condo- The Governor also explained the CBK’s to dismiss him. When the minister his face, kissed the corner and lences on Monday to the Saudi King Salman bin Ab- tor’s Non-Performing Loans Ratio remained arrived at the palace, the president raised his arms before waving to dulaziz Al-Saud over the death of the mother of Prince role and proactive measures taken since healthy at 2%.