Stock market quotes, forex, financial news, forex tools – money-investing.com

Kuwait will eliminate the budget deficit at the foreign markets

 Breaking News

Kuwait will eliminate the budget deficit at the foreign markets

Kuwait will eliminate the budget deficit at the foreign markets
July 04
16:00 2016

Kuwait is planning to involve up to $ 9.9 billion at international debt markets to compensate the budget deficit, which is associated with low oil prices. This statement was made in the Parliament by Kuwait Finance Minister Anas Al-Saleh when presenting the draft budget for the current fiscal year.

The Kuwaiti National Assembly approved the draft budget by an overwhelming majority, reports The Kuwait Times.
The Ministry of Finance gives the following assessment: the budget deficit in the 2016-2017 fiscal year, which began on April 1, will increase to 8.66 billion Kuwaiti dinars (more than $ 28.5 billion). A year earlier this figure was 5.5 billion dinars. The negative fiscal balance was observed in the last financial year for the first time over 17 years.
In addition, the Ministry of Finance is planning to involve about two billion dinars through the placement of debentures in the domestic market.

The approved budget option includes the average price of oil at $ 35 per barrel. It is less than last year – $ 45 per barrel, but higher than the base variant for the current financial year- $ 25 per barrel. The share of oil in the budget revenues will fall to 86% from the usual for Kuwait 95%.
The unfavorable situation at the oil market forces the OPEC countries to resort to the large-scale emission of bonds. So, in May Qatar sold the shares for $ 9 billion. Saudi Arabia is conducting negotiations with investment banks about the debut issue of Eurobonds.

Related Articles

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment