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Kuwait’s plans to tap the international bond market to finance the 2016-17 budget deficit are firming up. Minister of Finance Anas al-Salih says Kuwait will raise KD2.9bn ($9.6bn) in dollar-denominated bonds in Q1 2017. The issue will not only diversify the sources of government revenue, it will set a benchmark for private sector debt issuance, he says in a decree.
The bond issue will be overseen by a special unit of the ministry in association with the Kuwait Investment Authority (KIA) and the Central Bank. This unit is tasked with drawing up the borrowing strategy and, evaluating the risks of various alternatives. (CONTINUED - 314 WORDS)