15 Apr 2019, Gergana Bencheva, EMIS Editor
Fitch confirms Kuwait’s “AA” rating
Yet, Fitch noted that Kuwait remained a heavily oil-dependent economy. Furthermore, it is exposed to a geopolitical risk, and has been showing weak indicators of governance and business environment. The country’s public finances are also challenged by the generous welfare state combined with the large economic role of the public sector.
According to the credit specialist, in 2018, the foreign assets of Kuwait Investment Authority (KIA) reached USD 561 billion, or 394% of the country’s gross domestic product (GDP). Fitch estimates that the government would post a surplus of around KWD 3.3 billion, or 7.9% of GDP, for the current fiscal year ending in March 2019, CEEMarketWatch added.
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