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Join Date: 27 Apr 2010
Location:  KuwaitPosts: 303 |
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Kuwait foreign assets soar to $277 bln |
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The foreign assets of OPEC member Kuwait swelled to 277 billion dollars at the end of the fiscal year to March 31, up from 238 billion dollars a year earlier, the Al-Jarida newspaper said Friday.
The assets are held in two state-owned funds, the Reserve Fund for Future Generations (RFFG) whose assets grew to 220 billion dollars on March 31 up on 196 billion dollars the previous year. The second fund is the General State Reserve with 57 billion dollars at the end of the last fiscal year up from 42 billion dollars, Al-Jarida said. Finance Minister Mustafa al-Shamali gave a briefing on Kuwait's financial postion to parliament at a secret session on Thursday and declined to reveal any figures to reporters. Kuwaiti foreign investments, which were estimated to have soared to a record 300 billion dollars in 2008, were severely affected by the global economic crisis. The United Nations Conference on Trade and Development (UNCTAD) said in its 2009 World Investment Report that Kuwait sovereign wealth fund assets shrank by 94 billion dollars last year due to the economic meltdown. But KIA categorically denied the report without providing any figures. |
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