Kuwait proposes law to tap into $598.3bn Future Generations Fund
Kuwait City: On Monday, the Kuwaiti government announced it has submitted a draft law to the National Assembly (parliament) to amend the Future Generations Fund law in order for the government to be able to withdraw up to five billion Kuwaiti dinars from the fund to cover its growing deficit. The KD181 billion ($598.3 billion) fund is currently off limits to the government and has not been tapped into since after the 1990 Iraqi invasion of Kuwait. This is the latest move by the Kuwaiti government to secure short-term liquidity as it is strapped for cash. As parliament is suspended until March...