“Kuwait ‘strongly backs’ Gulf currency in January. Kuwait strongly backs the launch of the Gulf monetary union and single currency on time in January 2010, the undersecretary of the finance ministry said on Monday, a day after the ministry demanded a delay.
"Kuwait strongly supports the Gulf monetary union and the launch of single currency as scheduled next January," Khalifa Hamada said in a statement cited by the official KUNA news agency. "Kuwait is keen to cooperate with its partners in the Gulf Cooperation Council (GCC) at all levels to speed up the completion of all issues related to launching the single currency on its target date in January 2010."…..On Sunday, a statement by the finance ministry carried by KUNA called for a delay in the 2010 launch date to allow committees and concerned parties to complete unfinished technical issues……..”
“Kuwait calls for delay on Gulf currency launch. Kuwait, one of four Gulf states to sign a pact to launch a monetary union and single currency, on Sunday called for a delay in the 2010 launch date, citing incomplete preparations. "The ministry of finance calls for revising the target date for launching the Gulf single currency until all committees and concerned parties have completed technical issues," the ministry said in a statement cited by the KUNA news agency.
" The ministry of finance calls for revising the target date for launching the Gulf single currency until all committees and concerned parties have completed technical issues "……..”
I don’t know who this Finance undersecretary is and how he got his job, but he certainly did not get it for his expertise on monetary affairs. I suggest they give him the task of preparing, synchronizing, and choreographing for the implementation of a unified currency by next January (2010) as he suggests, then fire him when he fails to get it ready, which he certainly will. That would be the best outcome of the futile task: getting rid of one incompetent official.
Such is economic policy done in a watermelon economy, by watermelon officials……
Cheers
Mohammed
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