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Kuwait sets KD 30bn debt cap with 50-year borrowing plan

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KUWAIT: Kuwait has introduced a new financial framework with the issuance of law no. 60 of 2025 on liquidity and public debt, setting a maximum debt ceiling of KD 30 billion (or its equivalent in major convertible foreign currencies). The law also allows the issuance of financial instruments with maturities of up to 50 years, establishing a long-term legal framework for public borrowing. The law will remain in effect for 50 years from its enactment, providing a stable regulatory environment for managing public debt.

Minister of Finance and Minister of State for Economic Affairs and Investment Noura Al-Fassam stated that this law grants Kuwait greater financial flexibility by enabling access to both local and global financial markets. “This strategic approach ensures alignment with global economic developments and sustains the country’s financial stability,” she said. She added that the law is part of the government’s broader efforts to enhance financial stability and accelerate economic development in line with the 2035 New Kuwait vision. “This marks a crucial step in ongoing financial and economic reforms aimed at building a more diversified and sustainable economy that benefits both the state and its citizens,” Al-Fassam noted.

Director of Public Debt Management at the Ministry of Finance Faisal Al-Muzaini outlined the key objectives of the new law, emphasizing that it provides Kuwait with access to a variety of financial instruments through local and international markets. This allows the government to secure funding in Kuwaiti dinars or major foreign currencies, offering greater flexibility in managing public debt and liquidity.

He explained that the law also aims to develop Kuwait’s financial markets by establishing a sovereign yield curve, which will enhance the attractiveness of the country’s financial sector. This, in turn, will create a benchmark for banking and corporate debt issuances, improving financing structures and reducing borrowing costs.

Al-Muzaini highlighted that the new law will contribute to financing major development projects, including infrastructure and strategic initiatives, which will accelerate economic growth. He added that it will also stimulate the local economy by increasing investor confidence, attracting foreign investment, and fostering economic activity.

Another key aspect of the law is its potential to improve Kuwait’s sovereign credit rating, allowing the country to secure loans under more favorable conditions. Additionally, the law aims to preserve the liquidity of sovereign reserves, ensuring financial stability and enabling the government to meet its financial obligations in various economic conditions.

Al-Muzaini emphasized that this law comes at a time of rapid changes in global financial markets, where flexible access to funding is crucial for economic stability. He also highlighted that developing Kuwait’s debt markets enhances its competitiveness as a regional financial hub. “This new framework provides the government with innovative financial tools to manage public finances efficiently while maintaining a sustainable approach to balancing development needs with long-term fiscal stability,” he concluded. – KUNA

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Iran Embassy opens condolence book to honor victims of Zionist aggression

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KUWAIT: The Embassy of the Islamic Republic of Iran in Kuwait opened a condolence book, on Monday, to honor the victims of the recent aggression against Iran. The event was attended by officials, ambassadors, and media. Iranian Ambassador to Kuwait Mohammad Toutounchi expressed his appreciation for the positions of the Gulf Cooperation Council (GCC) countries, especially Kuwait, regarding the recent events, noting that Kuwait’s Foreign Minister had called his Iranian counterpart in a gesture that reflects the strength of bilateral relations, describing the presence of ambassadors at the embassy as “Noteworthy and Positive.”

The ambassador said in a statement that his country endured twelve days of intense aggression by the Zionist entity, joined by the United States in the final two days, explaining that Iran faced simultaneous attacks from countries equipped with nuclear capabilities and advanced technology, backed by NATO. He emphasized that the planners of this aggression had expected Iran to collapse within days. However, “The unity of the Iranian people inside and outside the country formed a formidable barrier.” He added that US intervention came only after ten days of failed efforts to achieve any ground breakthrough.

Toutounchi revealed that the number of victims exceeded 620 martyrs, with more than 5,356 wounded, including 13 children and 43 women, some of whom were pregnant, adding “Seven hospitals, six health centers, and dozens of ambulances were destroyed. These martyrs cannot be replaced whether they were children, military leaders, or academics, calling for the Zionist entity and the United States to be held accountable before international bodies to prevent such crimes from recurring.

Regarding Iran’s nuclear program, the ambassador reiterated Iran’s commitment to the Nuclear Non-Proliferation Treaty (NPT), pointing out that the country’s nuclear program, which represents less than 3 percent of global peaceful nuclear activities, has undergone over 23 percent of international inspections. He argued that this high inspection rate indicates no deviation toward military objectives.

He disclosed that Iran had recently agreed to five rounds of indirect negotiations aimed at reviving the diplomatic track and ensuring the peaceful nature of its nuclear program. He also stressed that Iran’s response against US military and intelligence bases in Qatar was a legitimate act of self-defense and was not directed at any neighboring countries, affirming Iran’s full respect for their sovereignty. He noted that Iran had communicated with Qatari leadership to clarify its position, stating that military bases in neighboring countries used by US forces cannot be considered safe havens for launching attacks.

Meanwhile, the Iraqi Ambassador to Kuwait Al-Manhal Al-Safi expressed his deep gratitude to Kuwait’s leadership, government, and people for facilitating the return of over 3,000 stranded Iraqi citizens by issuing more than 3,500 transit visas in just 12 days. The Iraqi ambassador affirmed his country’s full solidarity with Iran and condemned the aggression, revealing that Zionist aircraft had breached Iraqi airspace, prompting Baghdad to file an official complaint with the UN Security Council.

In the same context, the Sudanese Ambassador to Kuwait Awadal-Karim Al-Rayah Balla offered his condolences to Iran, describing the incident as “A blatant and unacceptable attack.” He called for regional unity to confront shared challenges, emphasizing that the targeting of Iran threatens all free peoples in the region. He urged a joint response to protect stability and to revive the Palestinian cause as a priority. The Sudanese envoy also pointed to the double standards in the international system, calling for crises to be addressed through international legitimacy rather than the imposition of forceful agendas.

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Exit permit now mandatory for expat workers

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KUWAIT: A decision mandating expatriates working in the private sector to obtain an exit permit with the prior approval of their employers comes into effect on Tuesday, July 1, 2025. Employees need to apply through the Sahel app or the Public Authority of Manpower’s website. The employer must then approve the request online before the authority issues the permit. The decision applies to private sector employees who have residency under article 18. Those who have article 19 residency – self-sponsored – are not required to obtain the exit permit.

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410 students benefit from Educational Care Bank project

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KUWAIT: Al-Safa Charitable Society announced that 410 students across various educational stages have benefited from the Educational Care Bank project for the 2024-2025 academic year. The initiative, implemented in collaboration with the General Secretariat of Endowments, provided a total of KD 100,000 (approximately $330,000) in educational support within Kuwait. Chairman of Al-Safa’s Board of Directors Mohammad Al-Shaya said in a press statement on Monday that the project reflects a shared commitment to supporting future generations by creating an educational environment free from financial obstacles. He emphasized that the initiative also aims to alleviate the financial burden faced by low-income families amid ongoing economic challenges.

Al-Shaya praised the General Secretariat of Endowments for its continued sponsorship of impactful and innovative projects that serve the community, particularly those focused on education. He noted that the Secretariat’s support for this program underscores its strong belief in education as a cornerstone for societal advancement and sustainable development. He added that Al-Safa Charitable Society, through this partnership, seeks to nurture a knowledgeable and responsible generation capable of contributing meaningfully to national development. The project, he explained, targets students who face difficulty in paying tuition fees, reaffirming the association’s belief in the right to education for all—without discrimination or financial barriers. — KUNA

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