Continuing the debate on the public debt law, the Kuwait government has proposed certain amendments to the draft of the public debt law. This is a significant step in getting Kuwait closer to the bond markets. While 2020 was a busy year for bond issuances by GCC governments, Kuwait has refrained from accessing the bond markets in the absence of the public debt law. When this law is passed by the parliament, it should help the Kuwait government access the bond markets and provide a benchmark for more corporate and FI issuers in Kuwait to follow suit.

The government presented the proposed amendments to the parliamentary committee on Monday, Ahmed al-Hamad said. Another proposed change regards the duration of debt: the government would like no maturity limit, he said, while the existing debt law has a maximum limit of 30 years