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Kuwait to issue local currency bonds to finance budget deficit before year's end
September 30, 2015, 9:56 am
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Deputy Prime Minister and Finance Minister Anas Al-Saleh

Deputy Prime Minister and Finance Minister Anas Al-Saleh stated that Kuwait would issue Kuwaiti dinar bonds to finance budget deficit before the end of the current year or early next year.

"The bonds would be issued in batches to allow for monitoring and assessing its impacts on the local market and the Central Bank of Kuwait's reserves," the minister told reporters on the sidelines of his participation in a ceremony held by the Saudi embassy late Tuesday to mark the Saudi national day.

"When necessity arises for moving to the second stage -- issuing US dollar bonds - we will take the decision without hesitation," Al-Saleh vowed.

On the plans to rationalize spending in the state budget, the minister said that the planned measures focus on ending the lavish and unnecessary expenditure. He, moreover, assured that the state subsidy for some commodities would be rationalized not abolished. 


 

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