Business
New Public Debt Law aims to boost financing and liquidity
Faisal Al-Muzaini
KUWAIT CITY, May 20: Undersecretary of the Ministry of Finance Aseel Al-Munifi has emphasized the core objectives of the newly issued Public Debt Law — Financing and Liquidity, highlighting its role in providing the State with diversified financial resources, both locally and internationally, to support development projects. In a media briefing on Monday, Al-Munifi explained that the law is designed to strengthen domestic financial markets, stimulate the banking sector, and reflect the State’s capacity to borrow responsibly. She stressed that access to liquidity will enhance the financial reserves of the country, helping it to meet obligations amid evolving global economic conditions. Al-Munifi stated that the Public Debt Law will play a pivotal role in advancing numerous development initiatives, ultimately driving economic growth and supporting Kuwait’s vision of becoming a regional financial hub. “Among the key projects to be financed under this law are strategic initiatives in infrastructure, housing and health cities, which form a cornerstone of the national development agenda,” she revealed. She added that the law provides flexible and sustainable financial instruments, reinforcing the government’s commitment to diversifying funding sources. In this context, Al-Munifi revealed that a sukuk issuance law will soon follow, pending final procedures. She affirmed that the law is sovereign, with the Ministry of Finance authorized to mandate the Central Bank or Kuwait Investment Authority to act on its behalf in securing financing.
The ministry, she added, remains committed to developing a robust legislative framework to enhance the country’s fiscal environment. Faisal Al-Muzaini, Director of the Public Debt Department at the ministry, confirmed that borrowing from both domestic and international sources is incorporated into the 2025/2026 budget, with estimated borrowing expected to range between KD3 and KD6 billion. He pointed out major differences between the current and previous debt laws, indicating the new legislation raises the borrowing ceiling from KD10 billion to KD30 billion; and extends the borrowing term from 10 to 50 years. “It also introduces specific expenditure guidelines, a new element compared to the earlier framework,” he stated. He stressed the importance of leveraging local markets alongside global ones, explaining that the new debt law will positively influence Kuwait’s credit rating by showcasing its fiscal discipline and ability to manage development financing effectively. He described the law as “one of the most significant financial reforms in Kuwait’s history.”
He also revealed that a flexible financing strategy has been developed to engage confidently with global markets, focusing on minimizing borrowing costs and diversifying the investor base across regions and institutions. He said the main goal is to develop a local debt market by establishing a reliable yield curve, which will serve as a benchmark for domestic investors. He added Kuwait’s debt-to-GDP ratio stands at just 2.9 percent, significantly lower than international benchmarks, where this ratio often exceeds 50 percent or 60 percent. He confirmed this low ratio positions Kuwait advantageously to enter capital markets after an eight-year hiatus.
Asked whether public debt could be used to repay existing obligations, he confirmed that the law does not prohibit such use and that it will be considered within the broader financing strategy. Although no specific timeline has been set for the initial borrowing, he stated that preparations are underway and that the ministry is nearing the final stages before entering the markets. Regarding borrowing models, he clarified that Kuwait will follow a strategy tailored to its unique fiscal position, leveraging its sovereign reserves and national standards rather than adopting any predefined international model.
By Najeh Bilal
Al-Seyassah/Arab Times Staff
Shaikha Al-Bahar
Deputy Group Chief Executive Officer (CEO) of the National Bank of Kuwait (NBK)
KUWAIT CITY, May 20, (Agencies): Deputy Group Chief Executive Officer (CEO) of the National Bank of Kuwait (NBK) Shaikha Al-Bahar is the only Kuwaiti who made it to the 2025 100 Most Powerful Women in Business List that Fortune released on Tuesday. The list consists of a hundred influential businesswomen in the finance, technology, health care, telecom, retail, energy and other industries.
In 1977, Al-Bahar joined NBK, where she proved her leadership capabilities as she rose through the ranks over the years. At present, she is the only woman in the executive management team of the bank. She currently heads NBK-France and Egypt; in addition to her post as board member of NBK (International) — the subsidiary of the bank in the United Kingdom. Al-Bahar was the brain behind the launching of NBK RISE, a program that aims to empower women leaders and train them within nine months to assume leadership posts.
NBK is one of the largest financial institutions in Kuwait and one of the leading banks in the region. The total value of its assets as at the end of March reached more than $135 billion. Group CEO of First Abu Dhabi Bank in the United Arab Emirates Hana Al-Rostamani joins Al-Bahar as the only two women from the Gulf on the list, ranking 76th and 92nd respectively. The Fortune editors compiled the list based on company size and health; in addition to an executive’s career path, influence, innovation, and efforts to make business better.
The 2025 list includes 52 women from the United States of America and 48 from other countries as follows: eight from China; seven each from France and the United Kingdom; three each from Germany, Singapore and Brazil; two each from Australia, Hong Kong, Japan and Spain; and one each from Kuwait and the United Arab Emirates. Chief Operator at Costco and merchant Claudine Adamo, who ranked 43rd, is one of 16 newcomers. She helped millions of Americans navigate inflation by keeping prices low on essentials, and the next-gen execs such as ByteDance CFO Julie Gao (81st), who steered the finances of the TikTok owner through its tangles with the US government.
Following are the top 10 Most Powerful Women in Business in 2025:
1. Mary Barra, Chair and CEO, GM (U.S.)
2. Julie Sweet, Chair and CEO, Accenture (U.S.)
3. Jane Fraser, CEO, Citigroup (U.S.)
4. Lisa Su, Chair and CEO, AMD (U.S.)
5. Ana Botín, Executive Chairman, Banco Santander (Spain)
6. Tan Su Shan, Deputy CEO and Group Head of Institutional Banking, DBS Group (Singapore)
7. Thasunda Brown Duckett, President and CEO, TIAA (U.S.)
8. Marta Ortega, Chairperson, Inditex (Spain)
9. Abigail Johnson, Chairman and CEO, Fidelity Investments (U.S.)
10. Meng Wanzhou, Deputy Chairwoman, Rotating Chairwoman, and CFO, Huawei (China)
The stock prices of Contemporary Amperex Technology Co. (CATL) is displayed at the listing ceremony in Hong Kong on May 20. (AP)
BEIJING, May 20, (AP): Asian shares rallied Tuesday after China cut key interest rates to help fend off an economic malaise worsened by trade friction with Washington. Shares in China’s CATL, the world’s largest maker of electric batteries, jumped 17.2% in its Hong Kong trading debut after it raised about $4.6 billion in the world’s largest IPO this year.
Its shares traded in Shenzhen, mainland China’s smaller share market after Shanghai, gained 1.2% after dipping earlier in the day. The Reserve Bank of Austalia reduced its benchmark interest rate by a quarter percentage for a second time this year, to 3.85%, judging inflation to be within its target range. The earlier reduction, in February, was Australia’s first rate cut since October 2020.
The future for the S&P 500 lost 0.4% while that for the Dow Jones Industrial Average was 0.2% lower. In early European trading, Germany’s DAX edged 0.1% higher to 23,954.16 while the CAC 40 in Paris climbed 0.2% to 7,897.13. Britain’s FTSE 100 rose 0.3% to 8,723.97. China’s central bank made its first cut to its loan prime rates in seven months in a move welcomed by investors eager for more stimulus as the world’s second largest economy feels the pinch of Trump’s higher tariffs.
The People’s Bank of China cut the one-year loan prime rate, the reference rate for pricing all new loans and outstanding floating rate loans, to 3.00% from 3.1%. It cut the 5-year loan prime rate to 3.5% from 3.6%. With China’s chief concern being deflation due to slack demand rather than inflation, economists have been expecting such a move.
Data reported Monday showed the economy under pressure from Trump’s trade war, with retail sales and factory output slowing and property investment continuing to fall. Tuesday’s cuts probably won’t be the last this year, Zichun Huang of Capital Economics said in a report. “But modest rate cuts alone are unlikely to meaningfully boost loan demand or wider economic activity,” Huang said. Hong Kong’s Hang Seng gained 1.4% to 23,659.70 early Tuesday, while the Shanghai Composite index advanced 0.4% to 3,380.48.
13-Year-Old Girl Rescued After Blackmail Attempt by Store Employee
Kuwait, Spain deepen economic cooperation amid growing ties
KD 10,200 Fraud Prompts Warning: Never Share Your Bank PIN
-
Latest News24 hours agoAmir receives credentials of five new ambassadors
-
Politics19 hours agoCybercriminals Exploit Look-Alike Website in Sophisticated Scam
-
Business18 hours agoAsian shares advance after China cuts interest rates to boost economy
-
Latest News4 hours agoCabinet reviews key developments and approves reports
-
Latest News6 hours agoKuwait prioritizes top-tier safety standards at airport
-
Latest News5 hours agoInter-ministerial coordination drives development and service integration
-
Latest News9 hours agoMinistry launches road maintenance in Saad Al-Abdullah
-
Business8 hours agoNBK’s Shaikha Al-Bahar only Kuwaiti on Fortune’s 100 list