‘Govt to resort to local banks’

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KUWAIT CITY, March 6: Financial sources say the government has no intention to continue withdrawing from the Future Generation Fund (FGF) to compensate for budget deficit in case the oil prices continue to decline in the coming period, reports Annahar daily.

They noted the government will resort to the local banks that are capable of absorbing bonds issued by the government, in view of the fact that government rejects the idea of taking foreign loan as some Gulf countries have done. They pointed to KD 17 billion as the total budget shortage expected for the next two years — KD 5 billion for 2015/2016 and KD 12 billion for 2016/2017.

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