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Middle EastKuwait liquidity crunch unlikely until third quarter, says BofA
Reuters
3 minute read
A night view of the arch pylon on the Sheikh Jaber al-Ahmad Al-Sabah Causeway which will lead to the Future Silk City, in Kuwait Bay, Kuwait April 23, 2019. Picture taken April 23, 2019. REUTERS/Stephanie McGehee
Steps taken by the Kuwaiti government to mitigate depletion of the treasury s liquid assets could push back the risk of a liquidity crunch to the third quarter this year, Bank of America (BAC.N) estimates.
Kuwait s General Reserve Fund (GRF), the sovereign fund used to cover state deficits, has been squeezed by the coronavirus-driven drop in oil prices and a continued stand-off between government and parliament on implementing measures such as a law to allowing state borrowing.
Middle EastKuwait wealth fund reaches initial agreement on KPC dividends - source
Ahmed Hagagy
3 minutes read
Kuwait s sovereign wealth fund has reached an initial agreement with Kuwait Petroleum Corporation (KPC) on new payment terms for over $20 billion in accrued dividends, a government source said, as the Gulf state seeks ways to counter a liquidity squeeze.
KPC has owed for years about 7 billion Kuwaiti dinars ($23 billion) in dividends to the General Reserve Fund (GRF), one of Kuwait s sovereign funds.
GRF, which is used to cover state deficits, has been squeezed by the coronavirus-driven drop in oil prices and a continued stand-off between government and parliament on implementing measures such as a law to allow state borrowing.
2 Min Read
KUWAIT (Reuters) - Kuwait’s sovereign wealth fund has reached an initial agreement with Kuwait Petroleum Corporation (KPC) on new payment terms for over $20 billion in accrued dividends, a government source said, as the Gulf state seeks ways to counter a liquidity squeeze.
KPC has owed for years about 7 billion Kuwaiti dinars ($23 billion) in dividends to the General Reserve Fund (GRF), one of Kuwait’s sovereign funds.
GRF, which is used to cover state deficits, has been squeezed by the coronavirus-driven drop in oil prices and a continued stand-off between government and parliament on implementing measures such as a law to allow state borrowing.