Kuwait’s total foreign debt is down by over $6bln

Kuwait’s total foreign debt is down by over $6bln

KUWAIT CITY: Kuwait’s total external debt has decreased by approximately 2 billion dinars (around 6.5 billion dollars) or 10% in six months, reaching 18.4 billion dinars by the end of the third quarter of 2023. This marks a decline from 20.4 billion dinars recorded at the end of the first quarter of 2023 (equivalent to 66.5 billion dollars).

The Central Bank’s financial statements illustrate a yearly reduction in external debt by about 1.1 billion dinars, down from 19.5 billion dinars in the third quarter of 2022. Furthermore, Kuwait’s total external debt increased by 342 million dinars, or 1.8%, by the end of the second quarter of 2023 compared to the same period in 2022, reaching a total of 19.334 billion dinars. Data reveals a fluctuation in external debt during 2022 and 2023. It rose to approximately 18.99 billion dinars in the second quarter of 2022, increased further in the third quarter of 2022 to 19.54 billion dinars, and experienced another rise to 19.74 billion dinars in the fourth quarter of 2022. It reached its peak at 20.44 billion in the first quarter of 2023 before declining to 19.3 billion dinars in the second quarter of 2023.

Conversely, foreign direct investments in Kuwait