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Kuwait tapping long-term fund finances to balance budget

Kuwait’s finance ministry is working on a law to allow limited withdrawals from its Future Generations Reserve Fund, Al Anba newspaper reported, citing a document from the Kuwait Investment Authority (KIA).

The proposed legislation which would allow the government to tap the fund in times of need is one of a number of plans under consideration that include the sale of sovereign bonds.

Although the withdrawal from the future generations reserve will affect the reserve, the KIA said it would be a temporary measure that “will not affect the durability of this fund.”

The plan will proceed in tandem with other reforms to public finances according to the investment authority.
The Future Generations Fund, managed by KIA had more than $580 billion in foreign assets at the end of last year, according to ratings agency Fitch.

Source: Arab News

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