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CBK, KIA to borrow locally, globally

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Finance ministry authorizes state bodies to conduct loan operations on its behalf

KUWAIT: Minister of Finance Noura Al-Fassam on Sunday issued a decision authorizing the Central Bank of Kuwait (CBK) and Kuwait Investment Authority (KIA) to borrow from the domestic and global markets, respectively, in favor of the ministry in implementation of the newly issued public debt law.

The two bodies will conduct the borrowing processes for the current fiscal year 2025/2026, which started on April 1, in consultation and prior arrangements with the ministry of finance, said the decision, without providing details about the amounts to be borrowed. Kuwait issued a new debt law in March, putting a ceiling of KD 30 billion on public debt and maturity at 50 years. It will be the first time Kuwait returns to borrowing since 2017.

Published in the official gazette Kuwait Alyoum, the decree is based on the Amiri decree-law regarding financing, liquidity and public debt strategy, as well as the approved financing plan for the 2025/2026 fiscal year. According to the first article of the decree, the CBK is authorized — on behalf of and in coordination with the ministry — to conduct

domestic loan operations in Kuwaiti dinars or major convertible foreign currencies. These operations must follow internationally recognized financial instruments and practices.

The second article authorizes KIA to conduct external loan operations in major convertible foreign currencies from the global market, also on behalf of and in coordination with the ministry, and in line with international financial practices. The third article mandates the relevant authorities to implement the decree within their respective jurisdictions and submit periodic reports to the minister of finance on actions taken under its provisions.

Director of public debt at the finance ministry Faisal Al-Muzaini said last week the state is expected to borrow between KD 3 to 6 billion during the current fiscal year to finance development projects. Al-Muzaini also said that the ratio of debt to gross domestic product (GDP) in Kuwait is very small at just 2.9 percent, whereas it is 60 to 70 percent in many countries. He said that the 2025-2030 five-year strategic borrowing plan will be determined by oil prices, global markets and risks associated with borrowing.

Finance ministry undersecretary Aseel Al-Munaifi also said last week the new debt law will stimulate the economic environment and promote foreign investments into Kuwait, besides accelerating economic growth and strengthening the banking system in Kuwait. She said that a law regulating the issuance of sukuk, or Islamic bonds, is expected to be issued soon as it is being reviewed by authorities at the council of ministers.

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Crown Prince receives KPC officials to mark a record offshore gas discovery

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KUWAIT: His Highness the Crown Prince Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah received at Bayan Palace on Tuesday Minister of Oil Tareq Sulaiman Al-Roumi, Deputy Chairman and CEO of Kuwait Petroleum Corporation (KPC) Sheikh Nawaf Saud Al-Nasser Al-Sabah and CEO of Kuwait Oil Company (KOC) Ahmad Jaber Al-Aidan. During the meeting, the officials briefed HH the Crown Prince on the new natural gas discovery in the Jazza offshore field, a landmark achievement in Kuwait’s maritime region.

The field recorded the highest production rate from a vertical well in the history of Kuwait’s Managish area and forms part of KOC’s ongoing efforts to develop the country’s hydrocarbon resources. HH the Crown Prince extended his best wishes for continued success and further achievements under the wise leadership of His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah. The officials presented His Highness with a commemorative gift to mark the occasion. — KUNA

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Kuwait’s Prime Minister to represent Amir at Gaza Peace Summit in Egypt

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KUWAIT: His Highness the Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah and his accompanying delegation left Kuwait on Monday, heading to Egypt where he will represent His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah at the Sharm El-Sheikh Peace Summit for Gaza. — KUNA

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Kuwait promotes social justice and joint Arab developmental efforts

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CAIRO: Minister of Social Affairs, Family and Childhood Affairs and Chairperson of the Supreme Council for Family Affairs Dr Amthal Al-Huwailah on Monday reaffirmed Kuwait’s commitment to strengthening joint Arab social and developmental efforts to uphold human rights and promote social justice. Delivering her speech at the 82nd session of the Executive Office of the Council of Arab Ministers of Social Affairs, held at the League of Arab States headquarters in Egypt, Dr Al-Huwailah opened by expressing deep sorrow over the tragic death of three Amiri Diwan employees in a traffic accident in Sharm El-Sheikh, offering condolences to the families and wishing a speedy recovery to the injured.

She expressed pride in Kuwait’s participation in the session, which addressed key social and developmental issues, and expressed hope it would yield decisions supporting social justice policies and the empowerment of women, girls, and persons with disabilities, particularly in political participation and gender equality. Dr Al-Huwailah noted that the session would adopt the draft agenda for the 45th session of the Council of Arab Ministers of Social Affairs and prepare for the Second World Summit for Social Development, scheduled in Doha next November. She emphasized Kuwait’s aspiration for Arab countries to make a strong and active presence at these events, showcasing development achievements and exchanging experiences in social care.

Officials are pictured during the meeting. - KUNA photos

Officials are pictured during the meeting. – KUNA photos

Highlighting Kuwait’s role, she said the Ministry of Social Affairs, the Supreme Council for Family Affairs, and the Public Authority for the Affairs of Persons with Disabilities are committed to following up on the implementation of Council decisions, ensuring coordination that respects diversity and privacy while promoting social justice.

Dr Al-Huwailah concluded by thanking Egyptian Minister of Social Solidarity and Head of the Executive Office Dr Maya Morsi for the warm reception and efficient organization. She also praised Egypt’s efforts in hosting the Sharm El-Sheikh Peace Summit and its unwavering support for ending the conflict in Palestine. The Executive Office meetings are chaired by Egypt, with membership including Kuwait, Palestine, Qatar, the Comoros, Lebanon and Libya, alongside the participation of the Social Affairs Sector of the League of Arab States, represented by Minister Plenipotentiary Enas Al-Farjani.- KUNA

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