KUWAIT CITY, Oct 12, 2009 (AFP) - Kuwait strongly backs the launch of the Gulf monetary union and single currency on time in January 2010, the undersecretray 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 was one of four Gulf states to sign a pact in June to create a joint monetary union council and launch the monetary union and single currency with Saudi Arabia, Qatar and Bahrain the other signatories.
The remaining two GCC members, the United Arab Emirates (UAE) and Oman, did not sign after deciding to withdraw from the project.
The UAE was upset at the selection of the Saudi capital Riyadh to host the future GCC central bank, while Oman withdrew from the monetary union saying it was not ready to meet the preconditions.
Hamada said Kuwait's cabinet has already approved the monetary union and monetary council accords and sent them to parliament for ratification.
Gulf states have agreed on a number of technical criteria for the monetary union but a number of other issues remains unresolved.
Kuwait is due to host the forthcoming GCC annual summit in December which is expected to take a decision on the single currency.
At their summit in Bahrain in 2001, the GCC leaders set 2010 as the target to launch the monetary union and single currency, but many experts believe that target is too ambitious and unrealistic.
oh/og/anw
Copyright AFP 2009.
