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New financing law to boost investment and strengthen economy

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KUWAIT: Undersecretary of the Ministry of Finance Aseel Al-Munifi affirmed on Monday that the recently enacted Law No 60 of 2025 on financing and liquidity aims to stimulate the economic environment, attract foreign investments and enhance developmental and economic returns for the state. The law, which came into effect on March 27, also seeks to bolster the banking sector and improve fiscal stability.

Speaking at an introductory conference on the new decree-law, Al-Munifi explained that the legislation equips the government with modern financial tools, enabling access to both local and international financial markets. These tools, she said, will help secure funding for key development projects. “The law will support the restructuring of government financing, reduce borrowing costs, and strengthen Kuwait’s credit rating,” she said. “It reflects positively on the state’s borrowing capabilities under competitive conditions and helps build up financial reserves to meet commitments amid evolving economic circumstances.”

Al-Munifi noted that the new law will serve as an essential mechanism for financing major national projects, particularly in infrastructure, housing, education, and healthcare — sectors included in the government’s general budget for the next five years. She also revealed that preparations for the issuance of the long-anticipated Sukuk Law have been finalized. “The draft has been completed by the Ministry and is currently under discussion in relevant Cabinet committees. It will soon proceed through the constitutional procedures for final approval,” she said.

Meanwhile, Director of the Public Debt Department at the Ministry of Finance, Faisal Al-Muzaini, announced that Kuwait is returning to the financial markets — both domestic and international — for borrowing in the 2025/2026 fiscal year. He described the move as the largest financial market entry in over eight years, implemented under Decree-Law No. 60 of 2025.

Al-Muzaini hailed the law as a landmark in public finance reform, stating it provides the government with a robust legal framework for managing public debt. The framework allows for debt maturities of up to 50 years and sets a borrowing ceiling of KD 30 billion (approximately $92 billion).

He added that the Ministry of Finance has outlined a flexible strategy to engage confidently with financial markets while prioritizing competitive financing costs and diversifying the investor base both geographically and institutionally. One key focus, he said, is developing the local debt market by establishing a yield curve that will serve as a benchmark for future issuances. 

“This law sends a strong message of fiscal discipline and credibility to global markets,” Al-Muzaini said. “It is expected to contribute to enhancing Kuwait’s credit profile, drawing wider investor interest, and advancing the country’s transition toward a diversified economy.” The Public Debt Management Committee, established in 2016, plays a central role in overseeing this strategy. Reporting directly to the Minister of Finance, the committee includes representatives from the Ministry of Finance, the Central Bank of Kuwait, and the Kuwait Investment Authority. It is tasked with approving the annual financing strategy and advising the Minister on public debt matters. – KUNA

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Kuwait, UAE team up in drug bust

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PACI employee arrested for forging addresses for bribes • More citizenships revoked

KUWAIT: Kuwaiti security men busted an attempt to smuggle a large drugs haul with a street value estimated at KD 1.5 million, with the cooperation of the United Arab Emirates’ interior ministry, a statement announced on Thursday. The haul consisted of 10 kg of heroin and 100 kg of shabu, an illegal chemical substance, and was destined for an Afghan man who was arrested, the interior ministry said.

Through security cooperation with the UAE, the Kuwaiti authorities received information of the shipment that was due to arrive at Shuwaikh Port and belonged to an organized international network. The container was allowed to leave the port by customs men and the receiver, an Afghan man, was arrested at Amghara industrial area, west of Kuwait City.

First Deputy Prime Minister and Interior Minister Sheikh Fahad Al-Yousef Al-Sabah thanked the UAE Deputy Prime Minister and Interior Minister Sheikh Saif bin Zayed Al-Nahyan and Emirati officials for the cooperation that led to the huge bust, stressing the importance of continued security coordination. The minister reaffirmed the ministry’s commitment to countering the drug threat and safeguarding national security through local and international partnerships.

Separately, the interior ministry announced on Thursday the arrest of an employee working at the Public Authority for Civil Information on charges of forging official documents and accepting bribes. The ministry said the bust followed information and coordination with officials from the civil information authority, revealing the suspect had exploited his job authority to access the electronic system and change residents’ addresses without their presence or submission of official documents, in violation of established regulations.

Investigations revealed that the suspect had added fake addresses in exchange for payments of up to KD 120 per transaction, abusing his position for illicit gain. He was found to have processed over 5,000 transactions since the beginning of this year in collaboration with a number of middlemen inside and outside Kuwait.

Two middlemen were arrested, along with seven individuals who had paid money to complete their transactions. The suspect was found to have used the illicit proceeds to purchase jewelry, gold bars and luxury items in an attempt to conceal the source of the funds. The suspects and the seized items were referred to the public prosecution for legal action.

Meanwhile, the interior ministry said on Thursday that the Supreme Commission for Nationality has decided to revoke the citizenship of an unspecified number of people for a variety of reasons. The ministry said in a statement that the citizenships were revoked because holders held citizenship of a third country, banned under Kuwaiti law, while others held citizenships that were obtained through false information and forgery.

Some other citizenships were revoked for the sake of the country’s national interests and others because holders violated their loyalty to the country. The ministry gave no details about the numbers. The commission has in the past 15 months stripped over 37,000 people of their Kuwaiti citizenship, about 29,000 of them were foreign women who became Kuwaitis after getting married to Kuwaiti men.

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5-week program aims to prepare Kuwaiti youth for employment

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5-week program aims to prepare Kuwaiti youth for employment

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KRCS, WHO discuss cooperation in health and training fields

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KUWAIT: Kuwait Red Crescent Society (KRCS) Vice Chairman Dr Nasser Al-Tannak affirmed the importance of enhancing cooperation with the World Health Organization (WHO) across various health and training sectors, particularly in light of growing global health challenges. Speaking to KUNA following a meeting with WHO Representative and Head of Mission in Kuwait Dr Asad Hafeez, Al-Tannak revealed that KRCS is working towards signing a memorandum of understanding with the WHO’s Kuwait office.

The agreement will cover key areas including mental health, risk awareness, addiction prevention, and the development of specialized training programs. Al-Tannak noted that the KRCS Board of Directors is committed to advancing a comprehensive strategy for training employees and volunteers in accordance with international standards. This initiative aims to enhance their capabilities, particularly in emergency and disaster response operations.

He emphasized that this approach reflects the Society’s vision of building a well-qualified humanitarian workforce, capable of responding swiftly and effectively to humanitarian calls worldwide. He added that KRCS stands as a distinguished example of institutional humanitarian work in the region. During the meeting, WHO officials were briefed on the Society’s wide-ranging efforts in relief, healthcare, development, and humanitarian assistance, as well as its community-driven initiatives and key achievements over the past year. These accomplishments, he said, mark a qualitative leap in KRCS operations and reaffirm its unwavering commitment to serving humanity.

For his part, Dr Hafeez commended the Kuwait Red Crescent Society’s role in conducting awareness campaigns and offering psychological and social support. He also praised the Society’s work in strengthening volunteer capabilities to manage health emergencies. Dr Hafeez stressed the significance of continued collaboration to enhance readiness and response to health crises both in Kuwait and the broader region, noting KRCS’s extensive experience and high credibility in the fields of humanitarian, relief, and public health work. — KUNA

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