Covid-19 and lower oil prices force Kuwait to tap into its wealth fund as cash dries up

Covid-19 and lower oil prices force Kuwait to tap into its wealth fund as cash dries up
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Covid-19 and lower oil prices force Kuwait to tap into its wealth fund as cash dries upBloomberg
Last Updated: Feb 04, 2021, 01:46 PM IST
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Synopsis
Unlike Saudi Arabia and others, however, Kuwaiti lawmakers have blocked proposals to borrow on international markets to cover the fiscal shortfall. Kuwait hasn’t returned to the market since its debut Eurobond issuance in 2017.
AP
Kuwait’s government has transferred the last of its performing assets to the country’s sovereign wealth fund in exchange for cash to plug its budget deficit, after a political dispute over borrowing left one of the world’s richest nations short of cash and prompted Fitch to cut its outlook to negative.

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