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
Event Location
Kuwait , Kuwait
Start Time
26 February 2021, 12:00 AM
End Time
31 March 2021, 12:00 AM
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