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Kuwait said on Tuesday it was confident parliament would cooperate to find solutions and implement financial reforms to cover its deficit, the finance ministry said in a statement.
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...
The government’s also attempting to push through parliament legislation allowing it to tap international bond markets.
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(Bloomberg) -- Kuwait’s government has submitted a draft law to parliament requesting permission to withdraw as much as 5 billion dinars ($16.5 billion) a year from the country’s sovereign wealth fund, according to two people familiar with the matter.