State of Kuwait Staging a 'Grand Return' to the Bond Market For nearly a decade Kuwait remained absent from international debt markets due to the lack of a legal framework permitting sovereign borrowing. This legislative void compelled the government to rely heavily on its General Reserve Fund (GRF) to finance persistent fiscal deficits. The GRF's assets were around $110bn (KWD 33.6bn) in 2017, when Kuwait last issued international sovereign [...]

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