We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Sun 30 Aug 2020 05:50 PM

Font Size

- Aa +

Kuwait Finance Ministry to mull halving $66bn debt ceiling

Finance and economic committee has also suggested reducing the period for borrowing

Kuwait Finance Ministry to mull halving $66bn debt ceiling

Liquid assets in Kuwait’s Treasury will soon be depleted if oil prices don’t improve and if the government can’t borrow in local and international markets

Photo: Getty Images

Kuwait’s government will study an idea to lower by half the ceiling on public debt as part of proposed amendments to a law it’s struggled to push through parliament, Finance Minister Barak Al-Sheetan said.

The finance and economic committee has also suggested reducing the period for borrowing, Al-Sheetan said Sunday after meeting lawmakers.

The panel has proposed reducing the limit from 20 billion dinars ($66bn) to 10bn dinars, said the committee’s head, Safa Al-Hashem.

Liquid assets in Kuwait’s Treasury will soon be depleted if oil prices don’t improve and if the government can’t borrow in local and international markets, the minister has said.

The draft bill currently allows for the sale of 30-year bonds over 10 years from the approval date.

Arabian Business: why we're going behind a paywall

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.