|20 November, 2019

Kuwait withdraws $141bln from general reserve in 5 years

Lowest rate recorded in FY2014/2015

U.S. dollar notes are seen in front of a stock graph in this November 7, 2016 picture illustration. Image used for illustrative purpose.

U.S. dollar notes are seen in front of a stock graph in this November 7, 2016 picture illustration. Image used for illustrative purpose.

REUTERS/Dado Ruvic/Illustration

Mubasher: The total amounts withdrawn from Kuwait’s general reserve during the last five years reached KWD 42.788 billion, minister of state for economic affairs Mariam Al-Aqeal said, according to Al Rai newspaper.

The highest withdrawal rate, amounted to KWD 12.793 billion, was registered in the fiscal year 2015/2016, while the lowest rate, amounted to KWD 10.911 billion, was recorded in FY2014/2015, Al-Aqeal added.

The minister revealed that Kuwait’s general reserve reached KWD 20.645 billion at the end of September 2019.

Amounts withdrawn from general reserve to cover budget deficit registered KWD 14.868 billion in four years, Al-Aqeal noted.

Source: Mubasher

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