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Kuwait’s economic measures provided

Kuwait City - Muslimchronicle

Kuwait’s Finance Minister Anas al-Saleh said the economic reform measures provided the country with more than one billion dinars, equivalent to 3.3 billion dollars in the fiscal year 2016-2017 budget. The most prominent of these reforms were the raising of gasoline prices in 2016, the adjustment of the ceiling and growth rate of public expenditure, the suspension of uncontrolled expansionRead more

Kuwait to borrow more from international market

Kuwait City - Arab Today

Kuwait will increase its borrowing on international markets to plug a budget deficit resulting from low oil prices, the finance minister said on Tuesday. The move comes after the Gulf state raised $8 billion (€7.5 billion) last month in its first international bond issue. “We will continue to be present in the international (debt) market but in a prudent, rationalRead more

Kuwait launches foreign bond sale

Kuwait City - Arab Today

Kuwait will issue billions of dollars worth of bonds in international markets to finance a budget deficit resulting from low oil prices, a report said Saturday. Finance Minister Anas al-Saleh said Kuwait will issue US dollar-denominated sovereign bonds of up to $9.6 billion during the 2016/2017 fiscal year which ends March 31, Al-Qabas newspaper reported. This comes on top ofRead more

Kuwait posts budget deficit

Kuwait City - Arab Today

Lower oil prices have pushed Kuwait into a rare budget deficit, ending 16 straight years of surpluses for the energy-rich Gulf state, the finance minister said. The OPEC member recorded a budget shortfall of 4.6 billion dinars ($15.3 billion) in the fiscal year which ended on March 31, Anas al-Saleh said in a statement carried by the KUNA news agencyRead more

Kuwait to tap foreign debt markets to finance deficit

Kuwait City - Arab Today

Kuwait plans to tap the international debt market through bond issues to finance its budget deficit after recording a first shortfall in 16 years. Kuwait plans to “borrow up to three billion dinars ($10 billion) in US-denominated bonds from international markets, in both conventional and (sukuk issuance,” Finance Minister Anas Al-Saleh told Parliament. The ministry will borrow another two billionRead more

Kuwait to tap foreign debt markets to finance deficit

Kuwait City - Arab Today

Kuwait said Sunday it plans to tap the international debt market through bond issues to finance its budget deficit after recording a first shortfall in 16 years. The oil-rich Gulf state plans to "borrow up to three billion dinars ($10 billion) in US-denominated bonds from international markets, in both conventional and (Islamic) sukuk issuance," Finance Minister Anas al-Saleh told parliament.Read more

Kuwait’s finance minister expresses confidence in UK investments

Dubai - Arab Today

Kuwaiti Finance Minister Anas Al-Saleh said that the country’s investments in Britain were “high-quality and long-term,” KUNA reported. His message was delivered to a Cabinet meeting which discussed the impact on Kuwait of the British vote on Thursday to leave the European Union which has rattled markets and pushed the value of the British pound to a 31-year low. “KuwaitiRead more

Kuwait oil union rejects minister's appeal to cancel strike

Kuwait City - AFP

The oil workers union Saturday turned down an appeal from Kuwait's acting oil minister to call off a total strike in protest at alleged pay cuts and to accept negotiations. Anas al-Saleh, in a statement cited by the official KUNA news agency, urged workers to "give priority to the public interest and resort to reason and wisdom by sitting atRead more

Kuwait oil workers begin open-ended strike

Kuwait City - AFP

Thousands of oil workers in Kuwait began an open-ended strike today to protest against a government proposal to cut their wages, the head of their union said. The strike, which could slash production if prolonged, comes as world oil producers gather in Qatar to negotiate an output freeze to boost prices. "Thousands of workers began their strike," the oil workersRead more