Beware the quantum computers
Today’s encryption technology will be putty in the hands of those running the post-quantum world. How equipped ...
Indian expats in Kuwait government service are keeping their fingers crossed over public comments by the Finance Minister about the country’s capacity to pay salaries beyond October. This could mean that private entities, especially providing contracts and other indirect services to the government sector, would be materially affected, says Krishnan Ramachandran, CEO, Barjeel Geojit Securities, Dubai.
Though it is difficult to estimate the number of Indians/Kerala expats working in this segment, it could be quite high, according to Ramachandran. The possibility of job losses is likely in the near term, he told BusinessLine.
Kuwait’s Finance Minister Barak Al-Sheetan assessed that his country has two billion dinars ($6.6 billion) worth of liquidity, which is not enough to cover state salaries beyond October. The government is withdrawing money from the General Reserve Fund at a rate of 1.7 billion dinars a month and this would result in weakening liquidity.
Unless there is any improvement in oil prices, Kuwait will not be in a position to borrow from local and international markets. There has been a severe strain in their public finances and the Parliament’s Economic and Finance Panel rejected a proposal to borrow $65 billion. This has potentially led to a liquidity crisis, forcing the government to draw funds from their emergency welfare reserve fund, Ramachandran said.
If not remedied at the earliest, this could lead to a delay in salary disbursal and payments to the citizens of Kuwait, and more importantly expats dominated by Indians working in the government sector. An estimated 30,000 Indians may be employed directly in the government/sectors, of which, 50-60 per cent would be from Kerala.
There’s the risk of large-scale job losses and also delays in issue of end-of-service benefits, he said. However, he expressed the hope that Kuwait would be able to manage the present situation considering its oil reserves, which is the sixth largest in the world, and the country’s capability to raise funds globally.
Meanwhile, the Public Authority for Manpower, it is is learnt, has decided to stop issuing work permits to those above the age of 60 as well as to holders of high school or diploma certificates , effective next year.
Media reports from Dubai cited the Kuwait Ministry of Interior (MoI) stressing that expired residency and entry visas of expats will not be extended after August 31 that marks the end of a period granted earlier when all visas would be automatically renewed.
At least 4.05 lakh expats have taken advantage of this facility, and roughly 2.60 lakh have renewed residency visas through the MoI website. But there are 1.45 lakh others who have not, and they risk being treated as residency visa violators and will face legal issues and fines.
Meanwhile, Kuwait has approved an Indian request to operate flights to repatriate its expats wishing to return home amid a ban on air travel imposed by Kuwait on dozens of countries, including India. The civil aviation authority has agreed to flights starting from August 10 until October 24. Per this, 1,000 Indians will leave Kuwait daily, to be flown equally by Kuwaiti and Indian airlines.
Today’s encryption technology will be putty in the hands of those running the post-quantum world. How equipped ...
Rocketship’s Anand Rajaraman on getting pitches from places like Rameswaram and Patna
Bengaluru-based Archeron group plans to open five banks that are run entirely by AI and quantum technologies
Ably skippered by N Srinivasan, India Cements is upping its post-Covid-19 game by expanding capacity
Three-in-one: Passive debt funds come at a low cost and have high-quality portfolios. Some offer return ...
Trend in the rupee movement and Q4 earnings can give direction to the market
There is room for improvement in fund transfer options
Silver looks positive but lacks the higher volumes required to substantiate bullishness
Murder is a theme that is unlikely to darken and yellow with time, the writer Truman Capote had once said.
In her novel based on the life of Rani Jindan Kaur, author Chitra Banerjee Divakaruni crafts a hero for the ...
A domineering father, three resentful sons and a vile plan — director Dileesh Pothan, screenwriter Syam ...
Actor Adil Hussain on theatre, communal amity and citizenship in a new book about Assam and its many ...
Marketers are padded up, sponsorship deals have been struck, and campaigns are rolling out. Now let the games ...
And what marketers can possibly do to bring it back in our lives
The agency has changed form over the years but its lustre has not dimmed
Media Factory has purchased the majority stake held by Sam and Lara Balsara of Madison World in Madison Media ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor