5.4% Drop In Kuwait's External Debt

In the first half of 2023, Kuwait's external debt decreased by 5.4%, reaching 19.3 billion dinars from 20.4 billion dinars at the end of the first quarter, according to its Central Bank of Kuwait. Kuwait's external debt, encompassing both government and private sector obligations, has declined since it peaked in the second quarter of 2023, as well as in the fourth quarter of 2022, where it stood at 19.7 billion dinars, and in the third quarter at 19.5 billion dinars.

By comparison, the total debt standing at the end of the second quarter of 2022 reached 18.9 billion dinars. Kuwait's external debt includes the debt held by the private sector, which includes local banks, investment companies, exchange firms, insurance companies, and non-financial private enterprises. Kuwait's external debt was approximately 18.7 billion dinars in 2018, and it decreased to 16.1 billion dinars in 2019, the lowest in five years.

By 2020, it reached 18.9 billion dinars, and by 2021, it reached 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. According to KUNA, Al-Budaiwi made the statement at a reception hosted by Kuwait Banking Association to honor Kuwaiti bank heads attending the annual meetings of the World Bank Group and the World Fund.

 

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