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FINANCIAL NEWS
Kuwait aims to increase borrowing from global markets
05 Apr 2017
(MENAFN) Kuwait will boost its borrowing on global markets in order to plug a budget deficit resulting from low oil prices, as stated the finance minister.
Meanwhile, the move comes after the nation raised USD8bn last month in its first international bond issue, while it will continue to be present in the global market.
The country recorded its first budget shortfall of USD15bn in the 2015-2016 fiscal years trailing a slump in oil prices after recording a healthy surplus for 16 consecutive years.
Furthermore, the government had raised local debt worth 2.2bn dinars in the cited years and it also withdrew unspecified amounts from its reserves, estimated at USD600bn.
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MENAFN0504201700450000ID1095370686
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