Debt Law Will Not be Approved

The Speaker of Kuwait’s National Assembly has announced the Debt Law in its current form is unlikely to be approved as it does not take account of the financial effects of Coronavirus on the country. The Law needs to be approved before the country can increase its borrowing and enhance the country’s finances. The Law has been being considered by the National Assembly since 2018. It aims to increase the maximum public debt to 25 billion Dinars. However, a new law has been presented which will increase the public debt to 20 billion Dinars. If the debt law is not approved it could see the country face financial pressures or have to start drawing on Future Generations Fund assets which has only been done once. This was during the first Gulf War. Full story

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