Kuwait’s Problems Continue

Kuwait will issue billions of dollars worth of bonds in international markets to finance a budget deficit resulting from low oil prices, a report said Saturday, Alaraby reported. It comes as anger at the government’s austerity measures and cuts to petrol subsidies led to the country’s cabinet resignation and dissolution of parliament. Finance Minister Anas al-Saleh said Kuwait will issue US dollar-denominated sovereign bonds of up to $9.6 billion during the 2016/2017 fiscal year which ends March 31, al-Qabas newspaper reported. This comes on top of a $6.6 billion domestic debt program which is already underway.