- Borrowing to buffer finances
- CBK issues $500m in bonds
- Oil made up 80% of revenue
Kuwait is stepping up borrowing in local and international debt markets as disruptions to crude exports through the Strait of Hormuz threaten to widen an already large fiscal deficit and increase pressure on state finances.
Kuwait exported more than 2 million barrels per day of crude through the strait before war between Iran and the US-Israeli alliance began on February 28, but exports have halted in recent weeks, the TankerTrackers maritime…