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#Kuwait wealth fund in talks with KPC on $20 billion-plus dividends - sources | Reuters

Kuwait wealth fund in talks with KPC on $20 billion-plus dividends - sources | Reuters Kuwait’s sovereign wealth fund is negotiating with state-owned Kuwait Petroleum Corporation (KPC) a new payment schedule for more than $20 billion in accrued dividends, two sources said, as the Gulf state seeks ways to counter a liquidity crunch.KPC has owed for years about 7 billion Kuwaiti dinars ($23.14 billion) in dividends to the General Reserve Fund (GRF), one of Kuwait’s sovereign funds.GRF and KPC agre...
Tags: Travel, Kuwait, Gulf, Reuters, KPC, Reuters Kuwait, Rupert Neil Bumfrey, Kuwait Petroleum Corporation KPC


#Kuwait expects parliament to cooperate on solutions to budget financing - Finance Minister | Reuters

Kuwait expects parliament to cooperate on solutions to budget financing - Finance Minister | Reuters Kuwait said on Tuesday it was confident parliament would cooperate to find solutions and implement financial reforms to cover its deficit, the finance ministry said in a statement.It said the oil-rich Gulf state expects a budget deficit of 55.4 billion Kuwaiti dinars ($183.29 billion) from fiscal year 2020/21 to fiscal year 2024/25, but that the country’s finances remained “strong” due to the Fut...
Tags: Travel, Kuwait, Gulf, Reuters, Reuters Kuwait, Rupert Neil Bumfrey


#Kuwait looks at palliative liquidity measures in reforms stalemate | Reuters

Kuwait looks at palliative liquidity measures in reforms stalemate | Reuters Kuwait is trying to cover its fiscal shortfall through asset swaps and tapping its sovereign wealth fund, as a standoff between government and parliament pushes the cabinet to look for palliative measures while structural reforms remain deadlocked.The oil-rich Gulf state, hit hard by lower oil prices and the COVID-19 pandemic, faces near-term liquidity risks, largely because parliament hasn’t authorised government borro...
Tags: Travel, Kuwait, Gulf, Reuters, Kuwait Investment Authority KIA, Reuters Kuwait, Rupert Neil Bumfrey


#Kuwait should accelerate reforms to be less tied to oil price fluctuations - IMF | Reuters

Kuwait should accelerate reforms to be less tied to oil price fluctuations - IMF | Reuters Kuwait needs to accelerate reforms to reduce the dependence of government policies on the rise and fall of oil prices, an International Monetary Fund (IMF) official said.The oil-rich Gulf state faces near-term liquidity risks largely due to the absence of parliamentary authorisation for the government to borrow.“Kuwait has high levels of buffers but they need to accelerate reforms,” said Jihad Azour, direc...
Tags: Travel, Middle East, Kuwait, Imf, Gulf, Reuters, International Monetary Fund IMF, Fitch, Reuters Kuwait, Rupert Neil Bumfrey, Central Asia Department, Jihad Azour, IMF Kuwait


#Kuwait draft budget foresees narrower deficit for fiscal 2021/22 -statement | Reuters

Kuwait draft budget foresees narrower deficit for fiscal 2021/22 -statement | Reuters Kuwait’s finance ministry has proposed a draft 23.05 billion dinar ($76.2 billion) budget for the fiscal year starting on April 1, it said in a statement on Monday.The budget forecasts government revenues of 10.9 billion dinars in fiscal 2021/2022, meaning it expects a fiscal deficit of 12.1 billion dinars - 13.8% narrower than the deficit budgeted for the fiscal year ending on March 31.($1 = 0.3024 Kuwaiti din...
Tags: Travel, Kuwait, Reuters, Reuters Kuwait, Rupert Neil Bumfrey


#Kuwait oil minister expects gradual recovery in oil demand -KUNA | Reuters

Kuwait oil minister expects gradual recovery in oil demand -KUNA | Reuters Kuwait’s oil minister said on Monday that he expects a gradual recovery in oil demand, particularly in the second half of 2021, as many countries around the world start to distribute coronavirus vaccines, state news agency KUNA reported. [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Kuwait, Reuters, Kuna, Reuters Kuwait, Rupert Neil Bumfrey


#Kuwait signs deal with Greece's DESFA for liquefied gas import terminal - report | Reuters

Kuwait signs deal with Greece's DESFA for liquefied gas import terminal - report | Reuters Kuwait has signed a six-year, $106 million contract with Greek gas grid operator DESFA for the group to operate a liquefied natural gas import terminal in the Gulf emirate, the state-run news agency KUNA reported on Thursday.The LNG terminal, in the al-Zour area, will go into operation next year, the agency said, citing an official from state-owned Kuwait Integrated Petroleum Industries Company, which sign...
Tags: Travel, Greece, Kuwait, Gulf, Reuters, Kuna, Zour, Reuters Kuwait, Rupert Neil Bumfrey, Kuwait Integrated Petroleum Industries Company


#Kuwait has no choice but to borrow to tackle deficit - audit body | Reuters

Kuwait has no choice but to borrow to tackle deficit - audit body | Reuters Kuwait’s State Audit Bureau said the government has no choice but to borrow to plug a growing deficit, but that it must do so alongside implementing economic reforms.The coronavirus pandemic and low oil prices have piled pressure on Kuwait’s finances and prompted the government to halt an annual transfer of 10% of revenues to the Future Generations Fund, the country’s largest reserve that has only been tapped once during...
Tags: Travel, Kuwait, Reuters, Reuters Kuwait, Rupert Neil Bumfrey, State Audit Bureau


#Kuwait budget deficit could widen to $46bln in 2020/21 -document | ZAWYA MENA Edition

Kuwait budget deficit could widen to $46bln in 2020/21 -document | ZAWYA MENA Edition:Kuwait expects its budget deficit to widen in its 2020/21 fiscal year to 14 billion dinars ($46 billion), according to a ministry of finance estimate in a parliamentary document, as the economy reels from the coronavirus outbreak and weak oil prices.The projection compares with a previous forecast of 7.7 billion dinars, according to the document, seen by Reuters. Kuwait's fiscal year runs from April 1 to March ...
Tags: Travel, Kuwait, Gulf, Reuters Kuwait, Rupert Neil Bumfrey, MENA Edition



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