Kuwait issues USD10bn to finance budget deficit

04 Jul 2016

(MENAFN) Kuwait aims to enter the global market via bond issues to finance its budget deficit after posting a first shortfall in 16 years.

Additionally, the country also plans to borrow up USD10bn in US bonds from international markets, in both conventional and sukuk issuance.

Moreover, Kuwait will also borrow another USD6.6bn in both conventional and Islamic instruments from the local market.

Accordingly, the finance ministry already borrowed USD2.5bn from the regional market, whereas it recorded its first budget deficit of USD18.3bn in 2015/16.

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