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Kuwait proposes law to tap into Future Generations Fund

Business Kuwait City 26 Feb 21
Kuwait proposes law to tap into Future Generations Fund
Kuwaiti government submits a draft law to the National Assembly to amend the Future Generations Fund. Gulf state’s reserve of cash is oldest sovereign wealth fund in the world
Fee
Event Location
Kuwait , Kuwait
Area
Kuwait City
Start Time
26 February 2021, 12:00 AM
End Time
31 March 2021, 12:00 AM
Website

Kuwaiti government announced it has submitted a draft law to the parliament to amend the Future Generations Fund law in order for the government to be able to withdraw up to five billion Kuwaiti dinars from the fund to cover its growing deficit.

This is the latest move by the Kuwaiti government to secure short-term liquidity as it is strapped for cash.

The KD181 billion ($598.3 billion) fund is currently off limits to the government and has not been tapped into since after the 1990 Iraqi invasion of Kuwait.

The Future Generation Fund, the oldest sovereign wealth fund in the world, is set up as a security buffer for future generation of Kuwaitis.

Currently, the government is withdrawing money from the General Reserve Fund, the state’s main source of budget financing, to obtain liquid cash.





Kuwait finance news 2021Kuwait Future Generations Fund



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