08 Jun

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ON IP TI SC R SU B

WEDNESDAY, JUNE 8, 2011

Syrian troops head to ‘massacre’ site amid calls for demos

NZ mourns death of Shrek the famously shaggy sheep

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NO: 15113

150 FILS

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RAJAB 6, 1432 AH

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Gaga gives heartfelt thanks at fashion award event

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www.kuwaittimes.net

Serena to join Venus in Eastbourne return

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Kuwait net assets swell to KD 81.2bn MPs urge security to probe Syrian-linked paper

Max 47º Min 31º Low Tide 10:18 & 22:50 High Tide 04:59 & 15:38

By B Izzak conspiracy theories

Down with urbanization! By Badrya Darwish

badrya_d@kuwaittimes.net

T

he report which UK-based agency Oxfam issued recently regarding food shortages on a global level is scary. The world population now is nearly 7 billion, and in 2020 is expected to bulge to 9 billion. There is an expectation of a big worldwide food shortage. For example, the scientific agency has found that US alone has food wastage of 40 percent. In my opinion, food waste is one of the reasons but not the only reason for food shortages. Continued on Page 13

KUWAIT: MPs Waleed Al-Tabtabaei (left) and Jamaan Al-Harbash attends a National Assembly session yesterday. The total assets of Kuwait swelled to KD 81 billion, Tabtabaei said after the session. — Photo by Yasser Al-Zayyat

KUWAIT: Kuwait’s net assets at the end of the past fiscal year increased to KD 81.2 billion from KD 75.8 billion a year ago, according to MP Waleed Al-Tabtabaei. Speaking after a secret National Assembly session to discuss the country’s financial status, Tabtabaei said that gross government assets amounted to KD 102.9 billion on March 31, but commitments on the state amounted to KD 21.7 billion. The debate of the country’s fiscal status kick-starts the debate of the state budget for 2011/2012 and the budgets of a number of independent government institutions. The assets are held in the Reserve Fund for Future Generations (RFFG) and the state reserve fund, both managed by Kuwait Investment Authority (KIA), the country’s sovereign wealth fund. KIA invests in foreign and local holdings, mostly in the United States, Europe and southeast Asia. One of its major local investments is its 24.6 percent holding in Zain valued at over $4 billion and a similar percentage in Kuwait Finance House, Wataniya Telecom and VIVA telecom. Finance Minister Mustafa Al-Shamali, who gave a briefing on Kuwait’s financial position to parliament, declined to reveal exact figures to reporters, but said the size is “close to figures revealed by MPs”. By law, 10 percent of public revenues are deducted every year and deposited in the RFFG regardless if the budget is in deficit or surplus. The healthy assets have been accumulated over the past 12 fiscal years when oil prices began Continued on Page 13


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