Kuwait plans to sell as much as $9.9b in dollar bonds | GulfNews.com

Kuwait plans to sell as much as $9.9b in dollar bonds | GulfNews.com:

"Kuwait plans to raise as much as $9.9 billion (Dh36.3 billion) from international debt markets to help plug its budget deficit as lower oil price squeezes public finances.

The Opec member also plans to borrow as much as 2 billion dinars ($6.6 billion) from the domestic market, Finance Minister Anas Al Saleh said in an emailed speech. The budget deficit is expected to widen to 9.5 billion dinars in the 2016-2017 fiscal year, which began April 1, he said.

The plunge in oil prices has prompted a flurry of international bond sales from the six-nation Gulf Cooperation Council to finance widening deficits that the International Monetary Fund says could reach $900 billion by 2021. Qatar raised record a $9 billion in May, following a $5 billion sale by Abu Dhabi. Saudi Arabia, the biggest Arab economy, has hired JPMorgan Chase & Co, HSBC Holdings Plc and Citigroup Inc to raise at least $10 billion, according to people familiar with the matter."



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