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Cabinet panel for financial, economic reform holds 7th meeting
April 28, 2016, 8:31 am

The Cabinet's higher committee for following up the implementation of the financial and economic reform document convened Wednesday under the chairmanship of Deputy Prime Minister, Finance Minister and Acting Oil Minister Anas Al-Saleh.

In a press statement following its 7th meeting, the committee said that the members have continued naming of officials in different state bodies who would be in charge of executing initiatives related to the six-point reform plan.

It noted that the committee members have met officials who would be responsible for executing the plan's points related to increasing the private sector contributions to the national economy, introduction of legislative and institutional reforms, and support measures.

It added that the committee would meet separately with officials and institutions enforcing each of the six points to discuss their plan of action and review their efforts and initiatives.

The six-point financial and economic reform plan, endorsed last March by the cabinet, includes 41 short, and medium-term programs.

It is mainly based on boosting non-oil revenues, cutting public spending in order to reduce budget deficit, redraw the State's economic role so that it could gradually turn from production to organization and supervision over economic activities, and reactivating the private sector's economic role.

It also includes allowing people to own privatized projects at a rate of 40 percent and public-private sector joint ventures at a rate of 50 percent, reforming the labor market and civil service system with a view to ensuring justice among workers, improving job performance, boosting the public sector's efficiency by linking pay to production, maintaining stable living conditions, as well as launching administrative and institutional reforms by means of upgrading the efficiency of general and financial administration.

Source: KUNA

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