Kuwaiti cabinet proposes new amendments to debt law, MP says

Kuwaiti cabinet proposes new amendments to debt law, MP says

The Kuwaiti government has proposed new amendments to the country's public debt law, including capping borrowing to maximum 60% of gross domestic product, the head of a parliamentary finance committee told Reuters.

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.

Kuwait is facing a liquidity squeeze because of a standoff between government and parliament over the public debt law.

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