Latest news with #Al-Munifi
Kuwait Times
20-05-2025
- Business
- Kuwait Times
Kuwait, Spain deepen economic cooperation amid growing ties
Joint committee meeting underscores various pillars of collaboration KUWAIT: Undersecretary of the Ministry of Finance Aseel Al-Munifi affirmed Tuesday the strength of Kuwait-Spain relations, highlighting their foundation in mutual economic interests, shared visions, and a joint commitment to prosperity and sustainable development. Speaking to KUNA on the sidelines of the Kuwaiti-Spanish Joint Committee for Economic Cooperation meeting, Al-Munifi said the gathering underscored various pillars of collaboration between the two countries. These include key sectors such as finance, investment, trade, industrial development, and agricultural and food security, all aimed at further enhancing economic exchange and mutual growth. Al-Munifi emphasized Kuwait's keenness to benefit from Spain's expertise in innovation, technology and sustainability. She also reaffirmed Kuwait's strategic objective to diversify its economy and expand the private sector's role through a competitive investment environment and a geographically advantageous location that can serve as a regional hub for Spanish enterprises. She added that the outcomes of the joint committee meeting reflect the 'genuine will' of both nations to strengthen their economic and commercial cooperation, with a clear focus on advancing shared priorities in the next phase of engagement. For her part, Spain's Secretary of State for Trade at the Ministry of Economy, Trade and Business, Amparo Lopez Sinovila, described the joint committee as a vital platform for addressing key economic issues, removing barriers to trade and investment, and fostering meaningful dialogue on areas of mutual interest. Kuwaiti-Spanish Joint Committee for Economic Cooperation holds talks to discuss finance, investment, trade, industrial development, agricultural and food security. – KUNA photos Lopez Sinovila called on business chambers in both countries to intensify efforts by organizing forums and specialized exhibitions to explore new trade and investment opportunities. She also encouraged continued exchange of trade delegations and the promotion of Spanish products in the Kuwaiti market. In a related development, the Kuwait Chamber of Commerce and Industry hosted a Spanish trade delegation led by Minister of State for Trade Amparo Lopez Sinovila, with the participation of Spanish Ambassador to Kuwait Manuel Anandiz Gamayo and representatives of leading Spanish companies. During the meeting, Al-Munifi urged Kuwaiti and Spanish business leaders to pursue joint ventures in key fields such as transportation, construction, healthcare and technology. She reiterated the Ministry's commitment to supporting Spanish companies and helping address any challenges they may face in Kuwait's market. The Chamber, in a statement following the meeting, welcomed the Spanish delegation and praised the visit as part of ongoing efforts to bolster Kuwaiti-Spanish economic relations. It affirmed that bilateral trade ties are robust, noting that Spain is among Kuwait's most significant trading partners in the European Union. Trade between the two countries has surpassed $1 billion, while Kuwaiti investments in Spain have grown across vital sectors such as finance, tourism and energy. Spanish exports to Kuwait, including machinery, ceramics, chemicals, and global fashion brands, continue to find a strong market. The sports sector has also witnessed notable collaboration, with the Rafael Nadal Tennis Academy choosing Kuwait for its first expansion outside Spain. The Chamber highlighted the key contributions of Spanish engineering firms to major infrastructure projects in Kuwait, including the Gamal Abdel Nasser Highway and the airport expansion, underscoring the deepening trust and potential for future cooperation. With Kuwait striving for economic diversification and Spain seeking broader global engagement, the Chamber stressed that the current momentum presents an ideal opportunity to expand cooperation in areas such as renewable energy, innovation, tourism, and logistics. It concluded by affirming its readiness to act as a strategic partner in facilitating dialogue, resolving challenges, and fostering sustainable partnerships that benefit both economies. — KUNA
Arab Times
20-05-2025
- Business
- Arab Times
New Public Debt Law aims to boost financing and liquidity
KUWAIT CITY, May 20: Undersecretary of the Ministry of Finance Aseel Al-Munifi has emphasized the core objectives of the newly issued Public Debt Law -- Financing and Liquidity, highlighting its role in providing the State with diversified financial resources, both locally and internationally, to support development projects. In a media briefing on Monday, Al-Munifi explained that the law is designed to strengthen domestic financial markets, stimulate the banking sector, and reflect the State's capacity to borrow responsibly. She stressed that access to liquidity will enhance the financial reserves of the country, helping it to meet obligations amid evolving global economic conditions. Al-Munifi stated that the Public Debt Law will play a pivotal role in advancing numerous development initiatives, ultimately driving economic growth and supporting Kuwait's vision of becoming a regional financial hub. 'Among the key projects to be financed under this law are strategic initiatives in infrastructure, housing and health cities, which form a cornerstone of the national development agenda,' she revealed. She added that the law provides flexible and sustainable financial instruments, reinforcing the government's commitment to diversifying funding sources. In this context, Al-Munifi revealed that a sukuk issuance law will soon follow, pending final procedures. She affirmed that the law is sovereign, with the Ministry of Finance authorized to mandate the Central Bank or Kuwait Investment Authority to act on its behalf in securing financing. The ministry, she added, remains committed to developing a robust legislative framework to enhance the country's fiscal environment. Faisal Al-Muzaini, Director of the Public Debt Department at the ministry, confirmed that borrowing from both domestic and international sources is incorporated into the 2025/2026 budget, with estimated borrowing expected to range between KD3 and KD6 billion. He pointed out major differences between the current and previous debt laws, indicating the new legislation raises the borrowing ceiling from KD10 billion to KD30 billion; and extends the borrowing term from 10 to 50 years. 'It also introduces specific expenditure guidelines, a new element compared to the earlier framework,' he stated. He stressed the importance of leveraging local markets alongside global ones, explaining that the new debt law will positively influence Kuwait's credit rating by showcasing its fiscal discipline and ability to manage development financing effectively. He described the law as 'one of the most significant financial reforms in Kuwait's history.' He also revealed that a flexible financing strategy has been developed to engage confidently with global markets, focusing on minimizing borrowing costs and diversifying the investor base across regions and institutions. He said the main goal is to develop a local debt market by establishing a reliable yield curve, which will serve as a benchmark for domestic investors. He added Kuwait's debt-to-GDP ratio stands at just 2.9 percent, significantly lower than international benchmarks, where this ratio often exceeds 50 percent or 60 percent. He confirmed this low ratio positions Kuwait advantageously to enter capital markets after an eight-year hiatus. Asked whether public debt could be used to repay existing obligations, he confirmed that the law does not prohibit such use and that it will be considered within the broader financing strategy. Although no specific timeline has been set for the initial borrowing, he stated that preparations are underway and that the ministry is nearing the final stages before entering the markets. Regarding borrowing models, he clarified that Kuwait will follow a strategy tailored to its unique fiscal position, leveraging its sovereign reserves and national standards rather than adopting any predefined international model.
Kuwait Times
19-05-2025
- Business
- Kuwait Times
New financing law to boost investment and strengthen economy
KUWAIT: Undersecretary of the Ministry of Finance Aseel Al-Munifi affirmed on Monday that the recently enacted Law No 60 of 2025 on financing and liquidity aims to stimulate the economic environment, attract foreign investments and enhance developmental and economic returns for the state. The law, which came into effect on March 27, also seeks to bolster the banking sector and improve fiscal stability. Speaking at an introductory conference on the new decree-law, Al-Munifi explained that the legislation equips the government with modern financial tools, enabling access to both local and international financial markets. These tools, she said, will help secure funding for key development projects. 'The law will support the restructuring of government financing, reduce borrowing costs, and strengthen Kuwait's credit rating,' she said. 'It reflects positively on the state's borrowing capabilities under competitive conditions and helps build up financial reserves to meet commitments amid evolving economic circumstances.' Al-Munifi noted that the new law will serve as an essential mechanism for financing major national projects, particularly in infrastructure, housing, education, and healthcare — sectors included in the government's general budget for the next five years. She also revealed that preparations for the issuance of the long-anticipated Sukuk Law have been finalized. 'The draft has been completed by the Ministry and is currently under discussion in relevant Cabinet committees. It will soon proceed through the constitutional procedures for final approval,' she said. Meanwhile, Director of the Public Debt Department at the Ministry of Finance, Faisal Al-Muzaini, announced that Kuwait is returning to the financial markets — both domestic and international — for borrowing in the 2025/2026 fiscal year. He described the move as the largest financial market entry in over eight years, implemented under Decree-Law No. 60 of 2025. Al-Muzaini hailed the law as a landmark in public finance reform, stating it provides the government with a robust legal framework for managing public debt. The framework allows for debt maturities of up to 50 years and sets a borrowing ceiling of KD 30 billion (approximately $92 billion). He added that the Ministry of Finance has outlined a flexible strategy to engage confidently with financial markets while prioritizing competitive financing costs and diversifying the investor base both geographically and institutionally. One key focus, he said, is developing the local debt market by establishing a yield curve that will serve as a benchmark for future issuances. 'This law sends a strong message of fiscal discipline and credibility to global markets,' Al-Muzaini said. 'It is expected to contribute to enhancing Kuwait's credit profile, drawing wider investor interest, and advancing the country's transition toward a diversified economy.' The Public Debt Management Committee, established in 2016, plays a central role in overseeing this strategy. Reporting directly to the Minister of Finance, the committee includes representatives from the Ministry of Finance, the Central Bank of Kuwait, and the Kuwait Investment Authority. It is tasked with approving the annual financing strategy and advising the Minister on public debt matters. - KUNA
