A government committee has prepared a draft law that allows withdrawals from the future generations reserve fund by virtue of ‘necessity’, in addition to another draft law that provides that the state with Islamic financing tools, can borrow by issuing local or international bonds, and not only with bonds.
The sources indicated final touches are given to the two projects — 4 laws, namely the public debt, sukuk and withdrawals from (future generations funjd) and the Silk City, are awaiting the return of HH the Prime Minister Sheikh Sabah Al-Khaled from the United States, to determine the government priorities on the issue of payment.
On whether the adoption of the “public debt” law by a necessity decree would obviate the government from “withdrawing from future generations fund” by a necessity decree as well, or vice versa, the sources told Al-Rai that “the two laws are necessary because they fall within the requirements of sovereign rating agencies which stress on the importance of having more than one financing tool for Kuwait to face the financial deficit and not rely solely on withdrawing from the general reserve fund.”
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