By: Ahmad Awad
Kuwait-Mubasher: Kuwait will start negotiations by September 2016 with a number of international financial entities to issue international bonds that are worth KWD 3 billion ($10 billion), said finance ministry undersecretary Khalifa Hamad.
The Kuwaiti finance ministry will coordinate with the Kuwait Investment Authority (KIA) and the Central Bank of Kuwait to arrange for the bond issuance, the undersecretary said in a press conference.
He noted that the country issues local bonds with a total of KWD 2 billion, as well as bills, treasury bonds, and securities.
The strategy set for covering the KWD 12 billion budget deficit includes KWD 2 billion local bonds, about KWD 3 billion international bonds, and the remaining amount will be covered from the public reserves, the undersecretary said, indicating that the privatisation plan will include the services companies, not production ones.
Translated by: Ingy ElSafy
