Kuwait approves making transfers to Future Fund dependent on budget surplus

The Future Generations Fund, which is managed by the Kuwait Investment Authority (KIA), automatically receives 10% of the state's oil revenue every year

  
Image used for illustrative purpose. Kuwait City Skyline, Kuwait.

Image used for illustrative purpose. Kuwait City Skyline, Kuwait.

Getty Images/Emad Aljumah

KUWAIT- Kuwait's national assembly on Wednesday approved a law to make transfers of state revenue to one of its sovereign wealth funds conditional on budget surpluses, the parliament said on Twitter.

The Future Generations Fund, which is managed by the Kuwait Investment Authority (KIA), automatically receives 10% of the state's oil revenue every year. The KIA also manages the General Reserve Fund, which has been depleted at a fast rate to plug a budget deficit.

(Reporting by Ahmed Hagagy; Writing by Lisa Barrington; Editing by Hugh Lawson) ((lisa.barrington@thomsonreuters.com;))