Connect with us

Latest News

CBK, KIA to borrow locally, globally

Published

on

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.

Latest News

Rare oceanic bird species spotted in Kuwaiti waters

Published

on

By

KUWAIT: A team of Kuwaiti and international bird experts recorded the sighting of rare oceanic bird species during a recent expedition in Kuwaiti territorial waters, the Environment Public Authority’s bird monitoring and protection team member Mohammad Al-Hudhaina said on Sunday. Among the notable discoveries were the short-tailed shearwater and the arctic skua, both considered unusual sightings in the region. According to Al-Hudhaina, this marks only the fourth recorded appearance of the short-tailed shearwater in Kuwait.

The bird was previously observed in 2014, 2021, and again earlier this month during the current voyage. Al-Hudhaina noted that the short-tailed shearwater is typically found across the Pacific Ocean, ranging from the North to the South Pole. “Its presence outside its native migratory route is rare,” he said, adding that the bird is similar in size to the common gull and is distinguished by its unique and efficient hunting style.

Commenting on the arctic skua, Al-Hudhaina said it appears sporadically in small numbers in Kuwait during migration periods. “It is one of the fastest and most agile seabirds in flight, capable of sharp acceleration that gives it a predatory profile,” he explained. Known for its opportunistic feeding behavior, the arctic skua often chases gulls and terns mid-air and is notably larger than the common gull, making it identifiable from a distance.

These rare observations underscore Kuwait’s role as a significant environmental station along the migratory routes of seabirds, Al-Hudhaina affirmed. He emphasized that the continued efforts of local and international experts contribute to documenting the rich biodiversity of Kuwait’s marine ecosystem. The survey team included Kuwaiti birdwatchers Abdulrahman Al-Sarhan, Omar Al-Shaheen and Hamoud Al-Shaiji, as well as European specialists Peter Alfre from England and Belgian observers Vincent Legrand and Julien Hainaut. — KUNA

Continue Reading

Latest News

Kuwait reaffirms environmental commitment | Kuwait Times Newspaper

Published

on

By

KUWAIT: The Environment Public Authority (EPA) affirmed on Sunday that the 22nd meeting of the Permanent Committee for the Convention on the Conservation of Wildlife and Their Natural Habitats in Gulf Cooperation Council (GCC) member states reflects the ongoing commitment of GCC nations to environmental cooperation and the protection of the region’s ecological heritage. Speaking to KUNA, Acting Director General of the EPA, Nouf Behbehani, said the meeting—held in Kuwait—comes in line with the directives of GCC leaders to strengthen joint environmental action, preserve natural resources and ensure ecological sustainability and biodiversity across the region.

Behbehani noted that the gathering brings together representatives from GCC states, environmental specialists, and officials from the GCC General Secretariat. Discussions will focus on key environmental developments, including updates to the environmental operational plan extending to 2030, and Kuwait’s proposal to form technical working groups to support biodiversity-related environmental agreements.

The meeting’s agenda also includes preparations for the first Gulf Wildlife Conference, the adoption of a unified logo for the event, and updates to the Gulf Wildlife Agreement and the GCC’s environmental strategic framework. Participants will explore enhanced coordination in implementing global environmental treaties such as the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES), the Ramsar Convention, and the Convention on Biological Diversity.

Additional topics include the regulation of falcon ownership and broader wildlife protection measures. The committee is expected to issue a series of recommendations and action plans, including the endorsement of a unified framework for electronic CITES permits and the approval of upcoming training workshops aimed at protecting endangered species and rehabilitating ecosystems.

Meanwhile, Head of the Human and Environment Affairs Sector at the GCC General Secretariat, Eng. Abdullah bin Ali Al-Rubaie, underscored the importance of the meeting, describing it as a significant step toward achieving greater accomplishments in wildlife conservation in accordance with international best practices. Al-Rubaie praised Kuwait’s leadership and continued commitment to environmental treaties, commending the collaborative efforts of GCC representatives, experts, and officials in promoting environmental sustainability for future generations. — KUNA

Continue Reading

Latest News

Forum urges inclusion of hearing-impaired in line with vision 2035

Published

on

By

KUWAIT: The Women’s Institute for Development and Peace (WIDP) organized the fifth edition of the Kuwait Deaf Day Forum under the theme “The Cry of the Deaf and Kuwait Vision 2035,” highlighting the importance of empowering individuals with hearing disabilities and enhancing their integration into all sectors of society. Held on May 8 under the patronage and attendance of Minister of Education Jalal Al-Tabtabaei, the forum took place at the Arab Center for Educational Research for the Gulf States. The event resulted in a set of comprehensive recommendations aimed at upholding the rights of the hearing-impaired in education, healthcare, and employment.

WIDP President Kawthar Al-Jouan told KUNA on Sunday that the forum put forth general, sector-specific, and health-related recommendations designed to support the inclusion of the hearing-impaired and affirm their right to self-determination. Al-Jouan stressed the importance of expanding educational opportunities for the deaf community, including access to Kuwait University and the Public Authority for Applied Education and Training (PAAET). She also called for the creation of employment pathways tailored to this capable and distinguished segment of society.

The forum featured four dialogue sessions with the participation of experts, specialists, and policymakers from Kuwait and Bahrain. Key recommendations included the employment of hearing-impaired individuals, admission of deaf students into the College of Basic Education, official recognition of Kuwaiti Sign Language as a second language, and revising school hours to align with public education needs. Additional proposals focused on utilizing retired teachers within the Special Education Department and appointing qualified sign language interpreters, with calls to provide financial rewards for their services.

On the healthcare front, recommendations emphasized the importance of early detection of hearing loss, proper use of hearing aids, and granting individuals the right to seek medical treatment abroad when local options are unavailable. Al-Jouan concluded the forum by honoring participants from the Ministry of Education, the Educational Research Center for the Gulf States, the Ministry of Islamic Affairs’ Committee for Promoting Moderation, the Dean of the College of Education at Kuwait University, and the Director of the Special Education Schools Department, in recognition of their contributions to the forum’s success. — KUNA

Continue Reading

Trending

Copyright © 2025 SKUWAIT.COM .