July 18, 2021 finance & economytelecom

Call for strategy after rating cut

Chairman of the parliamentary Financial and Economic Affairs Committee MP Ahmed Al-Hamad commented on the downgrading of Kuwait by Standard and Poors to A+ with a negative outlook. He said Kuwait needs a comprehensive and clear financial strategy based on practical and scientific grounds. Al-Hamad affirmed the current financial position of Kuwait is strong and its classification must improve in the coming period. He disclosed the Kuwaiti Sovereign Fund recently witnessed remarkable progress, indicating the Future Generations Fund ranked third globally in 2021 according to Bloomberg and the assets of the fund reached $700 billion.

He added Kuwait Investment Authority is one of the largest sovereign funds in terms of global investment, indicating the Kuwaiti Sovereign Fund ranked fourth internationally – an implication of the high revenues achieved in 2021. He revealed the Kuwaitis ranked third among the GCC citizens in the share of national income according to How Much website. He added that the average annual income of a Kuwaiti citizen reached $68,000 – ninth globally. He also emphasized the need to adopt a clear strategy with the contibution of national experts to maintain economic stability.


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