#Kuwait could need $180 billion in financing over the next six years: IMF - Reuters

Kuwait could need $180 billion in financing over the next six years: IMF - Reuters:

The International Monetary Fund estimates that Kuwait’s financing needs will amount to some $180 billion over the next six years given the Gulf state’s “modest” fiscal measures and expectations of lower oil prices.

Kuwait said earlier this month it expects a budget deficit of 9.2 billion dinars ($30.31 billion) in the fiscal year starting on April 1, a deficit increase of 19% compared to the previous year. 


“Subdued oil prices and output are weighing on near-term growth prospects and external and fiscal balances,” the Washington-based international crisis lender said in a statement describing its preliminary findings at the end of an official visit to the country.

“The recent run-up in spending has worsened the fiscal position and eroded liquid buffers. Without a course correction, the fiscal and financing challenges would intensify and the window of opportunity to proceed at a measured pace would narrow.”