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[size=36]Financial crisis hits Kuwait .. Bond issuance temporary solutions[/size]
Economie| 09:44 - 10/03/2021
Follow-up - Mawazine News
The Minister of Finance and Minister of State for Economic Affairs and Investment in Kuwait, Khalifa Hamadeh, revealed today, Wednesday, a crisis and major financial problems facing the country.
Hamadeh said, according to Kuwait News Agency "KUNA", that "the relative and temporary increase in oil revenues does not cover budget obligations and does not postpone or reduce the determination to pay for draft laws that aim to provide liquidity in the state treasury (the General Reserve Fund)."
He added, “The issuance of bonds and other solutions are not reform solutions, but rather temporary measures that must be taken to fulfill the immediate obligations represented by salaries and subsidies, which constitute more than 71 percent of the total expenditures in the fiscal year (2021/2022) budget.”
He explained, "The breakeven price in the 2021/2022 budget is $ 90," explaining that, "by the end of the fiscal year, total oil revenues must reflect the rate of $ 90 per barrel of crude oil per day in the fiscal year until the budget deficit becomes zero."
And between, "the rise in oil prices in the past two weeks only does not cover the state's commitments, even if it continues at its current level throughout the next fiscal year that begins on the first of next April."
Hamada emphasized, “It is the right of the people of Kuwait to feel reassurance about the state’s obligations to them, and it is obligated to provide them with this reassurance and enable everyone to be able to financially plan by providing sufficient liquidity in the state’s treasury in a sustainable manner, not day by day or month by month.”
He stressed, “the need to address the scarcity of financial resources and the lack of liquidity in the treasury (the general reserve fund) as soon as possible, with the need to be accompanied by radical economic and financial reforms that contribute to reducing expenditures and increasing non-oil revenues.”
He expressed his “confidence in the cooperation of the National Assembly to overcome the obstacle and support the coming reforms,” adding: “We will spare no effort in strengthening this cooperation and extending its bridges by building a real and effective partnership between the two authorities and joining and integrating efforts to reach the desired goal.” Ended 29 / A 87
The Minister of Finance and Minister of State for Economic Affairs and Investment in Kuwait, Khalifa Hamadeh, revealed today, Wednesday, a crisis and major financial problems facing the country.
Hamadeh said, according to Kuwait News Agency "KUNA", that "the relative and temporary increase in oil revenues does not cover budget obligations and does not postpone or reduce the determination to pay for draft laws that aim to provide liquidity in the state treasury (the General Reserve Fund)."
He added, “The issuance of bonds and other solutions are not reform solutions, but rather temporary measures that must be taken to fulfill the immediate obligations represented by salaries and subsidies, which constitute more than 71 percent of the total expenditures in the fiscal year (2021/2022) budget.”
He explained, "The breakeven price in the 2021/2022 budget is $ 90," explaining that, "by the end of the fiscal year, total oil revenues must reflect the rate of $ 90 per barrel of crude oil per day in the fiscal year until the budget deficit becomes zero."
And between, "the rise in oil prices in the past two weeks only does not cover the state's commitments, even if it continues at its current level throughout the next fiscal year that begins on the first of next April."
Hamada emphasized, “It is the right of the people of Kuwait to feel reassurance about the state’s obligations to them, and it is obligated to provide them with this reassurance and enable everyone to be able to financially plan by providing sufficient liquidity in the state’s treasury in a sustainable manner, not day by day or month by month.”
He stressed, “the need to address the scarcity of financial resources and the lack of liquidity in the treasury (the general reserve fund) as soon as possible, with the need to be accompanied by radical economic and financial reforms that contribute to reducing expenditures and increasing non-oil revenues.”
He expressed his “confidence in the cooperation of the National Assembly to overcome the obstacle and support the coming reforms,” adding: “We will spare no effort in strengthening this cooperation and extending its bridges by building a real and effective partnership between the two authorities and joining and integrating efforts to reach the desired goal.” Ended 29 / A 87
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