The Central Bank of Kuwait (CBK) disclosed that Kuwait's public debt fell 25.5 percent to KWD 2.972 billion ($9.787 billion) during last June, compared with KWD 3.992 billion ($13.146 billion) in the same month of 2018.
The decline of the current debt is due to two reasons: First of which, the maturity of bonds from previous issues worth 910 million dinars, and the second reason is that the Central Bank of Kuwait stopped selling local debt securities for the expiry of the old public debt law since September 2017. The Kuwaiti parliament is awaiting the new law, which will raise the volume of borrowing from 10 billion dinars to 25 billion dinars, and extending the due period from 10 years to 30 years.
On the other hand, the data of the Central Bank of Kuwait showed a significant decline in the unemployment rate, where the number of unemployed Kuwaitis reached about 7.41 thousand by April 22, of which 3,311 thousand were males with a percentage of 44.68, and the females were 4.099 thousand representing a 55.32%. It worth mentioning that they amounted to 13.523 thousand people at the same period of 2018, thus it registered this year a decline rate of 45.20 percent.
Source (Economic Bulletin website, Edited)
