Monday, Jun 17, 2013
0650 GMT [Zawya Dow Jones]--The Kuwaiti constitutional court's decision to ratify the electoral reform decree and scrap December's parliamentary election is one of the most positive of possible outcomes from an economic standpoint, says EFG Hermes. Notes opposition groups have indicated they will again boycott any future elections under the reformed election law; reckons, if this happens, the make-up of the new assembly will likely be similar to the current one. "We believe a similar parliament will still have a better working relationship with the government, than a parliament with a strong opposition component." Says the opposition-dominated parliament's confrontational stance towards the government has been a central factor behind the poor implementation of the investment program and Kuwait's weak economic performance overall. "We believe the Emir will continue to push for unity between the two bodies, which was key in the passing of the Consumer Bailout Package in April 2013."
(nikhil.lohade@dowjones.com; Twitter: @ZDJnews)
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17-06-13 0650GMT
