Local currency bonds issued before year’s end to finance budget deficit: Minister – Senior officials laud ties with Saudi Arabia, Hajj organization

(From left) Deputy Prime Minister and Finance Minister Anas Al-Saleh, His Highness Sheikh Nasser Al-Mohammad Al-Sabah, Saudi Ambassador Dr Abdulaziz Al-Fayez and Acting Prime Minister and Interior Minister Sheikh Mohammad Al-Khaled Al-Sabah cut the ceremony’s cake.

(From left) Deputy Prime Minister and Finance Minister Anas Al-Saleh, His Highness Sheikh Nasser Al-Mohammad Al-Sabah, Saudi Ambassador Dr Abdulaziz Al-Fayez and Acting Prime Minister and Interior Minister Sheikh Mohammad Al-Khaled Al-Sabah cut the ceremony’s cake.

KUWAIT: Deputy Prime Minister and Finance Minister Anas Al-Saleh stated that Kuwait would issue Kuwaiti dinar bonds to finance budget deficit before the end of the current year or early next year. “The bonds would be issued in batches to allow for monitoring and assessing its impacts on the local market and the Central Bank of Kuwait’s reserves,” the minister told reporters on the sidelines of his participation in a ceremony held by the Saudi Embassy late Tuesday to mark the Saudi national day.

“When necessity arises for moving to the second stage which is issuing US dollar bonds, we will take the decision without hesitation,” Saleh vowed. On the plans to rationalize spending in the state budget, the minister said that the planned measures focus on ending the lavish and unnecessary expenditure. Moreover, he assured that the state subsidy for some commodities would be rationalized, not abolished.

Historical ties
Meanwhile, National Assembly Speaker Marzouq Al-Ghanem stressed the historical ties with Saudi Arabia, which set a model to be followed. Amid the escalating events in the region, Kuwait and Saudi Arabia are one front and their peoples “are closer than brothers,” Ghanim told reporters on the sidelines of the ceremony. He wished the Kingdom more progress and prosperity.

In the meantime, Acting Prime Minister and Interior Minister Sheikh Mohammad Khaled Al-Hamad Al-Sabah highly appreciated Saudi efforts for organizing the Hajj. This role is undeniable, Sheikh Mohammad Al-Khaled told reporters. He stressed that the country devotes all its powers and potential for the Hajj.

In a similar statement, Minister Saleh lauded the great role by the Kingdom, led by King Salman Bin Abdulaziz Al-Saud, to serve the pilgrims. By the same token, Minister of Information and Minister of State for Youth Affairs Sheikh Salman Sabah Al-Salem Al-Humoud Al-Sabah emphasized the deep-rooted bilateral relations. Sheikh Salman noted that the Kingdom constitutes a depth for the Gulf and the Arab World, wishing the country further progress and prosperity.

Minister of Justice and Awqaf and Islamic Affairs Yaqoub Al-Sane underlined enormous arrangements the Kingdom makes for the Hajj season. He expressed congratulations to the Saudi leadership on the National Day. Furthermore, Sane stressed the geographical and historical ties, as well as common customs and traditions among the Gulf Cooperation Council member states. – KUNA

This article was published on 30/09/2015