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Kuwait Finance Minister: Bond Market Development Key to Economic Reform | ASHARQ AL-AWSAT English Archive 2005 -2017
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Kuwaiti Finance Minister Anas al-Saleh gestures as he speaks during a parliament session at the National Assembly in Kuwait City on May 20, 2014 (AFP Photo/Yasser al-Zayyat)

Kuwait – Kuwait’s Deputy Prime Minister and Minister of Finance Anas Al-Saleh said on Tuesday that bond market development was a key factor to economic and financial reform.

During the opening of the “Bond Market Development in Kuwait”, organized by the Kuwaiti Banking Association, Al-Saleh said that supporting the development of market bonds and instruments was necessary to strengthen the country’s financial infrastructure.

Al-Saleh added that economic development will also include promoting the best uses of national savings by financing projects, meeting government’s needs and covering the budget deficit, as well as promoting the economic performance on all levels.

The Kuwaiti deputy prime minister said that the major decline in oil prices has led to serious financial and economic repercussions due to the severe decrease in Kuwait’s oil revenues.

He noted that such a decline represented a big challenge to the country’s economy, which largely relies on the oil-based industry, stressing the need to diversify economic resources by implementing necessary financial reforms.

Al-Saleh said that Kuwait’s public debt stood at 2.967 billion dinars on Oct. 19, while new domestic debt issues from April 1 to Oct. 19 reached 1.38 billion dinars.

He noted that his country was planning to offer 3 billion dinars ($9.91 billion) in bonds to international investors early next year.

He added that the issuance of international bonds will take place at the beginning of next year, noting that preparations with international banks were underway regarding the bond sale.