Minister of Finance, Khalifa Musaed Hamada, said today that Kuwait’s financial position is “strong and solid” as it is fully supported by Kuwait’s Reserve Fund for Future Generations which is witnessing continuous growth, but warned of the imminent running out of liquidity in the state treasury, Al-Rai reported
Commenting on the decision of Fitch Agency to downgrading its outlook on Kuwait’s sovereign debt rating to “negative” from “stable, Hamada added that the state’s public finances suffer from structural imbalances related to annual revenues and expenditures that “led to the near depletion of liquidity in the state treasury” represented by the General Reserve Fund.
The minister added that one of the top priorities of the executive authority in the coming time is to “enhance the liquidity of the treasury, he stressed the need for concerted efforts of all parties and work as one team to achieve the sustainability of public finances.