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Kuwait finance ministry to mull halving $66bn debt ceiling

Kuwait finance ministry to mull halving $66bn debt ceiling

The finance and economic committee has also suggested reducing the period for borrowing

Kuwait’s government will study an idea to lower by half the ceiling on public debt as part of proposed amendments to a law it’s struggled to push through parliament, Finance Minister Barak Al-Sheetan said.

The finance and economic committee has also suggested reducing the period for borrowing, Al-Sheetan said Sunday after meeting lawmakers.

The panel has proposed reducing the limit from KD20bn ($66bn) to KD10bn, said the committee’s head, Safa Al-Hashem.

Liquid assets in Kuwait’s Treasury will soon be depleted if oil prices don’t improve and if the government can’t borrow in local and international markets, the minister has said.

The draft bill currently allows for the sale of 30-year bonds over 10 years from the approval date.

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