Kuwait’s foreign assets surge to $277 billion

05 Jun 2010

(MENAFN) Kuwait?s Al-Jarida newspaper said that the country?s foreign assets of OPEC member Kuwait swelled to $277 billion at the end of the fiscal year to March 31, up from $238 billion a year earlier, AP reported.

The assets are held in two state-owned funds, the Reserve Fund for Future Generations (RFFG) whose assets grew to $220 billion on March 31, up from $196 billion the previous year.

The second fund is the General State Reserve with $57 billion at the end of the last fiscal year up from $42 billion, according to the newspaper.

Kuwaiti foreign investments, which were estimated to have soared to a record $300 billion in 2008, were severely affected by the global economic crisis.

By law, 10 percent of Kuwait?s total income is transferred into the RFFG every year regardless of whether the budget is in surplus or deficit. Kuwait has posted a budget surplus in each of the past 11 fiscal years, amounting to around $140 billion.

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