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Arabia
Kuwait Can’t Pay Salaries Beyond October, Minister Tells Parliament
2020-08-21
The poor darlings will be less able to donate to their pet jihadis.
[Finance.Yahoo] Kuwait has 2 billion dinars ($6.6 billion) worth of liquidity in its Treasury and not enough cash to cover state salaries beyond October, Finance Minister Barak al-Sheetan warned parliament, as political wrangling again delayed efforts to return to international bond markets.

Other Gulf states facing similar predicaments have come to count more on borrowing, and S&P analysts say the region will borrow a record amount this year. Saudi Arabia, Bahrain and Qatar have all largely relied on debt to cover their deficits.
The government is withdrawing from its General Reserve Fund at a rate of 1.7 billion dinars a month, meaning liquidity will soon be depleted if oil prices don’t improve and if Kuwait can’t borrow from local and international markets, he said.

As energy-rich Gulf states see their finances hammered by the collapse in oil prices and the coronavirus (aka COVID19 or Chinese Plague)
Posted by:trailing wife

#2  liquidating part of the Sovereign Wealth fund makes sense

however, when it is done it creates a down draft on all the various stock exchanges and, in turn, reduces the value of the Sovereign Wealth Fund
Posted by: lord garth   2020-08-21 15:17  

#1  So operating income is little tight. Dip into the piggy bank.

The Kuwait Investment Authority (KIA) is Kuwait's sovereign wealth fund, managing body, specializing in local and foreign investment. It is the 5th largest sovereign wealth fund in the world with assets exceeding $592 billion.
Posted by: Sluns Gurly-Brown7484   2020-08-21 01:36  

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