Kuwait’s Wealth Fund on Standby as Oil Price, Virus Hit Finances - Bloomberg:
Kuwait’s government has discussed the possibility of turning to the sovereign wealth fund for a loan should the oil-price slump and the mounting cost of fighting the coronavirus pandemic deplete its cash reserves.
The option of a loan or investment by the Future Generations Fund is one of several available as a way to boost the Gulf nation’s finances during a difficult time, according to a person familiar with the matter. The fund is managed by Kuwait Investment Authority.
Kuwait has agreed a stimulus package to protect jobs and stabilize food prices during the pandemic but the Gulf nation, which relies on oil exports for most of its revenues, is being badly hit by the oil price war between Saudi Arabia and Russia, while wrangling in parliament holds up a draft debt law that would allow the government to issue bonds internationally. That leaves the government facing a budget shortfall that needs to be financed.
Turning to the fund would be a highly unusual measure for Kuwait. The government set a precedent in 1990 when it drew on the rainy day reserve during the Iraqi invasion to pay for the war and subsequent rebuilding.
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