Kuwait Needs ‘Optimal’ Market for Planned Dollar Debt Saleby
Timing, structure of debt yet to be agreed upon: Al Saleh
Kuwait to build up borrowing capabilities for future: minister
Kuwait needs “optimal market conditions’’ for its planned international debt sale, Finance Minister Anas Al-Saleh said, as the OPEC member seeks to repair public finances squeezed by low oil prices.
“The intention is to establish Kuwait’s presence in the international sovereign debt market and build our borrowing capabilities for the future,’’ Al-Saleh wrote in an e-mailed response to questions.
Kuwait plans to raise as much as $9.9 billion from global debt markets to help finance a budget deficit that the International Monetary Fund estimates will reach 13.5 percent of economic output in 2016. In 2015, Kuwait posted a surplus of 1.1 percent, IMF data show.
“Kuwait intends to issue under the optimal market conditions, with the timing and structure to be agreed upon with our advisers,’’ Al-Saleh said, without elaboration.