Kuwait’s external debt down 5.4%

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KUWAIT CITY, Oct 14, (Agencies): According to data from the Central Bank of Kuwait, the total external debt of Kuwait decreased by 5.4% during the first half of 2023, amounting to 19.3 billion dinars, in contrast to the 20.4 billion dinars reported at the end of the first quarter of 2023. Kuwait’s external debt, encompassing both government and private sector obligations, experienced a decline from its recent peak in the second quarter of 2023, as well as in the fourth quarter of 2022, where it stood at 19.7 billion dinars, and the third quarter at 19.5 billion dinars.

Comparatively, in the second quarter of 2022, the total debt amounted to 18.9 billion dinars. It’s important to note that Kuwait’s external debt comprises the debt held by the private sector, which includes local banks, investment companies, exchange firms, insurance companies, and non-financial private enterprises. Historically, Kuwait’s total external debt was approximately 18.7 billion dinars in 2018, and in 2019, it decreased to 16.1 billion dinars, the lowest in five years.

In 2020, it increased to 18.9 billion dinars, and in 2021, it reached a record high of 21.8 billion dinars. By the end of 2022, it had decreased to 19.7 billion dinars. In other news, GCC Secretary General Jassim Al-Budaiwi affirmed the strength of the Gulf economy as one of the top world economies. Al-Budaiwi made the statement to KUNA, late on Thursday, during a reception held by Kuwait Banking Association, honoring heads of Kuwaiti banks taking part in the annual Economics meetings of the World Bank Group and the World Fund in Marrakech, Morocco.

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