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Kuwait plans to issue bonds denominated in local currency for the domestic market by the end of the year to help close the gap in its budget deficit in fiscal year 2015-16, Kuwait’s Finance Minister Anas al-Salih said on the sidelines of the Euromoney conference held in Kuwait this week. But he did not give any indication as to the value of the bonds that would be needed.
After parliament’s approval of the 2015-16 budget in July, Mr Anas also indicated that the government may consider issuing international bonds, rather than borrowing from the domestic market (MEES, 10 July). However, Kuwait for the time being seems to be adopting a wait-and-see attitude, as it assesses the size of the actual budget deficit in the light of the slide in oil prices. The budget, which started on 1 April, was projected to have a deficit of KD8.2bn (after allocation to the Reserve Fund for Future Generations), with total revenues of KD12.2bn and total expenditure of KD19.2bn.
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