Kuwait to pay $3.5 bln to int’l banks, part of $8 billion loan – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait English Daily

Kuwait to pay $3.5 bln to int’l banks, part of $8 billion loan – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait English Daily

Second tranche due in 2027

KUWAIT CITY, Jan 20: Kuwait is preparing to repay, in March 2022, the first tranche of $8 billion loan at an interest rate of 2.75% that the country borrowed in 2017 from international banks. The value of the first tranche set for 5 years is $3.5 billion, while the second tranche $4.5 billion of the loan will be due in 2027, reports Al- Jarida daily. According to the current economic and financial factors, Kuwait does not face any problem in paying the full amount of the first tranche or the loan, or even double its value, but the issue is deeper than just the ability to repay the debt, especially in light of the pledge given by the Minister of Finance to work on approving the public debt law in parallel. With the support and perhaps promotion of credit rating institutions, most recently “Standard & Poor’s” last week, to address the issue of the budget financing crisis through debt, and even consider what is known as the national dialogue as paving a way to pass the Public Debt Law.