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Tuesday , September 29 2020

KIA slams report on decline of its Sovereign Fund assets

KUWAIT CITY, June 3, (KUNA): The Kuwait Investment Authority (KIA) on Sunday quashed reports on a decline in the assets of Kuwait’s Future Generations Fund (FGF), by 11.5 percent, about $68 billion. The circulated data and figures are mere “external and erroneous estimates by uninformed agencies, and do not reflect the real performance of KIA’s assets portfolio, the authority added in a statement.

They estimated KIA’s assets at $592 billion in 2015, and $524 billion in 2016, claiming a fall of $68 billion. The reserves are at their best since KIA was established and “no decrease whatsoever has occurred,” KIA stressed. It also slammed attempts targeting the “state’s economic policy” and the reputation of the FGF (Kuwait’s Sovereign Fund) through disseminating false data.” KIA’s performance is monitored by relevant control agencies, and is annually reviewed by the National Assembly.

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