In a first for the oil-rich Gulf nation, Kuwait has decided to put foreign bonds worth billions of dollars on sale in the international markets to finance a budget shortfall, a report said on Saturday.&nbsp;

Breaking a 16-year run of surpluses, the emirate recorded a budget deficit of $15 billion last fiscal year resulting from low oil prices. It is projecting a bigger budget shortfall of $29 billion this year.&nbsp;

Oil income had contributed around 95 per cent of public revenues for the nation. But with oil having lost around 60 per cent of its value in the last two years, Kuwait has been forced to launch the sale of its foreign bonds.&nbsp;

Finance minister Anas al-Saleh said Kuwait will issue US dollar-denominated sovereign bonds of up to $9.6 billion during the 2016/2017 fiscal year which ends March 31, Al-Qabas newspaper reported. This comes on top of a $6.6 billion domestic debt programme which is already underway.

Like its Gulf peers, Kuwait has taken some austerity measures that include liberalising prices of diesel and kerosene and hiking petrol prices. Parliament a few months ago approved a law to raise heavily subsidised power and water fees but exempted citizens.&nbsp;

Saudi Arabia, Qatar, Oman and United Arab Emirates have also sold bonds or took syndicated loans to plug their deficits.

(WION with inputs from AFP) 
&nbsp;

The global oil slump has put pressure on Gulf nations that have projected budget shortfalls worth billions of dollars

In a first for the oil-rich Gulf nation, Kuwait has decided to put foreign bonds worth billions of dollars on sale in the international markets to finance a budget shortfall, a report said on Saturday. Breaking a 16-year run of surpluses, the emirate recorded a budget deficit of $15 billion last fiscal year resulting from low oil prices. It is projecting a bigger budget shortfall of $29 billion this year. Oil income had contributed around 95 per cent of public revenues for the nation. But with oil having lost around 60 per cent of its value in the last two years, Kuwait has been forced to launch the sale of its foreign bonds. Finance minister Anas al-Saleh said Kuwait will issue US dollar-denominated sovereign bonds of up to $9.6 billion during the 2016/2017 fiscal year which ends March 31, Al-Qabas newspaper reported. This comes on top of a $6.6 billion domestic debt programme which is already underway. Like its Gulf peers, Kuwait has taken some austerity measures that include liberalising prices of diesel and kerosene and hiking petrol prices. Parliament a few months ago approved a law to raise heavily subsidised power and water fees but exempted citizens. Saudi Arabia, Qatar, Oman and United Arab Emirates have also sold bonds or took syndicated loans to plug their deficits. (WION with inputs from AFP)

Kuwait launches foreign bond sale to finance budget deficit

Yemeni government negotiators said they were leaving peace talks in Kuwait on Monday after Houthi militia foes rejected a United Nations proposal aimed to ending their country&#39;s war. 
 
Foreign Minister Abdel-Malek al-Mekhlafi insisted the government was not abandoning the peace process, but suggested it would only return if the Houthis and a powerful local ally lifted their objections to the UN plan. 
 
&quot;We&#39;ve agreed to the initiative ... we are now leaving the territory of the brotherly state of Kuwait but we&#39;re not leaving the talks,&quot; Mekhlafi said while announcing the move. 
 
&quot;We&#39;ll return at any moment, even an hour after our departure, if the other side agrees to sign this document which the (U.N.) envoy presented.&quot; 
 
UN envoy Ismail Ould Cheikh Ahmed proposed that the government&#39;s foes in the armed Houthi movement quit three main cities they hold, including the capital Sanaa. Under this plan, new talks would then be convened on forming a government that would include the Houthis, delegates said. 
 
The envoy said in a statement the talks would continue. &quot;The departure of the Government of Yemen delegation from Kuwait is not a departure from the Peace Talks,&quot; Ould Cheikh Ahmed said. 
 
&quot;We agreed with the parties to keep the talks ongoing until we agree on next steps in the coming days which shall be dedicated to intensive meetings&quot; with the government&#39;s foes as well as international diplomats, he said. 
 
The Houthis dismissed the UN proposal as a non-starter on Sunday, saying in a statement that any agreement would need to be comprehensive and not postpone a resolution on major issues. 
 
They said they would stay in Kuwait for the talks. 
 
The negotiations started in April have slowed the nationwide fighting that has killed at least 6,400 people and caused one of the world&#39;s worst humanitarian crises. 
 
(Reuters)

The United Nations proposed that government's foes in the armed Houthi movement quit three main cities they hold, including capital Sanaa

Yemeni government negotiators said they were leaving peace talks in Kuwait on Monday after Houthi militia foes rejected a United Nations proposal aimed to ending their country's war. Foreign Minister Abdel-Malek al-Mekhlafi insisted the government was not abandoning the peace process, but suggested it would only return if the Houthis and a powerful local ally lifted their objections to the UN plan. "We've agreed to the initiative ... we are now leaving the territory of the brotherly state of Kuwait but we're not leaving the talks," Mekhlafi said while announcing the move. "We'll return at any moment, even an hour after our departure, if the other side agrees to sign this document which the (U.N.) envoy presented." UN envoy Ismail Ould Cheikh Ahmed proposed that the government's foes in the armed Houthi movement quit three main cities they hold, including the capital Sanaa. Under this plan, new talks would then be convened on forming a government that would include the Houthis, delegates said. The envoy said in a statement the talks would continue. "The departure of the Government of Yemen delegation from Kuwait is not a departure from the Peace Talks," Ould Cheikh Ahmed said. "We agreed with the parties to keep the talks ongoing until we agree on next steps in the coming days which shall be dedicated to intensive meetings" with the government's foes as well as international diplomats, he said. The Houthis dismissed the UN proposal as a non-starter on Sunday, saying in a statement that any agreement would need to be comprehensive and not postpone a resolution on major issues. They said they would stay in Kuwait for the talks. The negotiations started in April have slowed the nationwide fighting that has killed at least 6,400 people and caused one of the world's worst humanitarian crises. (Reuters)

Yemen government leaves Kuwait talks after Houthis reject UN plan

Saudi Arabia Cross-border shelling from war-torn Yemen killed four people in Saudi Arabia on Monday, authorities in the kingdom said.&nbsp;Three others were wounded and hospitalised after the incident in the Jazan region, the civil defence agency said on Twitter without giving details. 
 
Saudi Arabia has led a military coalition supporting the Yemeni government in its fight against Iran-backed rebels since March last year.&nbsp;The rebels have in recent days intensified cross-border attacks on the kingdom as peace talks in Kuwait have failed to achieve a breakthrough. 
 
Border clashes left a Saudi army officer and six soldiers dead on Saturday. On July 25, five Saudi border guards were killed in similar clashes.&nbsp;Around 100 members of the Saudi forces and civilians have been killed in skirmishes, by artillery fire or landmines inside the kingdom&#39;s borders, since the coalition launched its campaign. 
 
In Yemen itself, the conflict has killed more than 6,400 people and displaced 2.8 million since March last year, according to UN figures. 
 
(AFP)

The rebels have intensified attacks on the kingdom as peace talks in Kuwait have failed to achieve a breakthrough

Saudi Arabia Cross-border shelling from war-torn Yemen killed four people in Saudi Arabia on Monday, authorities in the kingdom said. Three others were wounded and hospitalised after the incident in the Jazan region, the civil defence agency said on Twitter without giving details. Saudi Arabia has led a military coalition supporting the Yemeni government in its fight against Iran-backed rebels since March last year. The rebels have in recent days intensified cross-border attacks on the kingdom as peace talks in Kuwait have failed to achieve a breakthrough. Border clashes left a Saudi army officer and six soldiers dead on Saturday. On July 25, five Saudi border guards were killed in similar clashes. Around 100 members of the Saudi forces and civilians have been killed in skirmishes, by artillery fire or landmines inside the kingdom's borders, since the coalition launched its campaign. In Yemen itself, the conflict has killed more than 6,400 people and displaced 2.8 million since March last year, according to UN figures. (AFP)

Four dead in Saudi-Yemen cross-border attack

The Court of Arbitration for Sport (CAS) has rejected an appeal to reinstate the 2015 Asian Shooting Championship&#39;s Olympic qualifying status.&nbsp; 
 
The event was stripped of its Olympic status by the International Olympic Committee after hosts Kuwait banned an Israeli official from attending. The IOC acted on a request from the International Sports Shooting Federation (ISSF), who confirmed the CAS ruling in a statement today.&nbsp; 
 
The appeal and demand for costs were lodged by the Kuwait Shooting Federation (KSF), the Asian Shooting Confederation (ASC), and three athletes. &quot;On 27 July 2016 the CAS rejected the appeals and all other claims filed by ASC, KSF and the athletes against the ISSF and the IOC,&quot; an ISSF statement announced.&nbsp; 
 
Olympic qualifying results obtained in an alternative championship in India remained valid, the statement added. The 2016 Olympic Games start in Rio on August 5. Kuwait had denied a visa to Israeli Yair Davidovich who was due to supervise the event. &quot;The denial of a visa is against the non-discrimination principle of the Olympic Charter,&quot; the IOC explained in a statement at the time. 
 
(AFP)

The event was stripped of its Olympic status after hosts Kuwait banned an Israeli official from attending

The Court of Arbitration for Sport (CAS) has rejected an appeal to reinstate the 2015 Asian Shooting Championship's Olympic qualifying status. The event was stripped of its Olympic status by the International Olympic Committee after hosts Kuwait banned an Israeli official from attending. The IOC acted on a request from the International Sports Shooting Federation (ISSF), who confirmed the CAS ruling in a statement today. The appeal and demand for costs were lodged by the Kuwait Shooting Federation (KSF), the Asian Shooting Confederation (ASC), and three athletes. "On 27 July 2016 the CAS rejected the appeals and all other claims filed by ASC, KSF and the athletes against the ISSF and the IOC," an ISSF statement announced. Olympic qualifying results obtained in an alternative championship in India remained valid, the statement added. The 2016 Olympic Games start in Rio on August 5. Kuwait had denied a visa to Israeli Yair Davidovich who was due to supervise the event. "The denial of a visa is against the non-discrimination principle of the Olympic Charter," the IOC explained in a statement at the time. (AFP)

Court of Arbitration for Sport rejects Kuwait's appeal over 2015 Championship

Kuwait has set a minimum wage for its hundreds of thousands of mostly Asian domestic staff, the first country in the Gulf to do so, local media reported today.&nbsp; 
 
A decree issued by Interior Minister Sheikh Mohammad Khaled Al-Sabah set the minimum wage at 60 dinars ($200) a month and also granted domestic staff a raft of other rights, Al-Anbaa newspaper reported. 
 
Kuwait is the first country in the Gulf to regulate the work conditions of domestic staff and Human Rights Watch and other rights groups have urged others to follow suit to tackle widespread abuses. 
 
The decree, which implements landmark legislation adopted by parliament last year, also requires employers to pay overtime for any extra hours worked. 
 
It grants domestic workers the right to a weekly day off, 30 days of annual paid leave, a 12-hour working day with rest, and an end-of-service benefit of one month a year at the end of contract. 
 
The estimated 600,000 maids in Kuwait are among at least 2.4 million working across the Gulf. They are not covered by ordinary labour legislation. 
 
Human Rights Watch and other groups have documented widespread abuses, including non-payment of wages, long working hours with no rest days, physical and sexual assault, and no clear channels for redress. 
 
In its 2016 Trafficking in Persons report, the US State Department upgraded Kuwait from tier 3, the worst level, to tier 2 while keeping it on watch list, citing an improvement in its treatment of migrant workers. 
 
(AFP)&nbsp;

Human Rights Watch and other rights groups have urged other countries in Gulf to follow suit to tackle widespread abuses

Kuwait has set a minimum wage for its hundreds of thousands of mostly Asian domestic staff, the first country in the Gulf to do so, local media reported today. A decree issued by Interior Minister Sheikh Mohammad Khaled Al-Sabah set the minimum wage at 60 dinars ($200) a month and also granted domestic staff a raft of other rights, Al-Anbaa newspaper reported. Kuwait is the first country in the Gulf to regulate the work conditions of domestic staff and Human Rights Watch and other rights groups have urged others to follow suit to tackle widespread abuses. The decree, which implements landmark legislation adopted by parliament last year, also requires employers to pay overtime for any extra hours worked. It grants domestic workers the right to a weekly day off, 30 days of annual paid leave, a 12-hour working day with rest, and an end-of-service benefit of one month a year at the end of contract. The estimated 600,000 maids in Kuwait are among at least 2.4 million working across the Gulf. They are not covered by ordinary labour legislation. Human Rights Watch and other groups have documented widespread abuses, including non-payment of wages, long working hours with no rest days, physical and sexual assault, and no clear channels for redress. In its 2016 Trafficking in Persons report, the US State Department upgraded Kuwait from tier 3, the worst level, to tier 2 while keeping it on watch list, citing an improvement in its treatment of migrant workers. (AFP)

Kuwait becomes first country in Gulf to set minimum wages for domestic staff: Local media

Kuwaiti security authorities have broken up three Islamic State cells plotting &quot;terror&quot; attacks in the oil-rich Gulf state, the interior ministry said today. 
 
Five Kuwaiti nationals were arrested, including a policeman and a woman, who all confessed to plotting attacks against a Shiite mosque and an interior ministry target, the ministry said in a statement. 
 
All members of the three cells also confessed to being members of the Islamic State jihadist group. 
 
Kuwaiti police are still looking for a Gulf man and an Asian who assisted one of the cells, the ministry said. 
 
The action against the Islamist cells comes a year after an IS-linked Saudi suicide bomber blew himself up in a Shiite mosque, killing 26 worshippers in the worst attack in Kuwait. 
 
A court sentenced one man to death and jailed eight others for assisting the Saudi bomber. 
 
Among those arrested in the latest police action was 18-year old Talal Raja who confessed to have been plotting a suicide attack against a Shiite mosque and an interior ministry installation by the end of the Muslim fasting month of Ramzan on Tuesday, the ministry said. 
 
The second cell consisted of a mother and son who were arrested in Syria in the IS-controlled Riga and brought back to Kuwait, the ministry said. It provided no details of how they were arrested. 
 
The 28-year old son had cut short his petroleum engineering study in Britain to join the IS after his younger brother was killed while fighting for the group in Iraq, the ministry said. 
 
The third cell comprised of two Kuwaitis, one of them a policeman, who were seized along with two Klashnikov rifles and ammunition. The pair confessed to plotting attacks in the country, the ministry said. 
 
In November last year, Kuwaiti police busted an international cell led by a Lebanese man that was sending air defence systems and funds to the Islamic State group. 
 
Several suspected IS members and sympathisers were tried in the Gulf emirate for a suicide bombing last month claimed by the group. 
 
(AFP)

Five Kuwaiti nationals, including a policeman and woman, were arrested after they apparently confessed to being members IS

Kuwaiti security authorities have broken up three Islamic State cells plotting "terror" attacks in the oil-rich Gulf state, the interior ministry said today. Five Kuwaiti nationals were arrested, including a policeman and a woman, who all confessed to plotting attacks against a Shiite mosque and an interior ministry target, the ministry said in a statement. All members of the three cells also confessed to being members of the Islamic State jihadist group. Kuwaiti police are still looking for a Gulf man and an Asian who assisted one of the cells, the ministry said. The action against the Islamist cells comes a year after an IS-linked Saudi suicide bomber blew himself up in a Shiite mosque, killing 26 worshippers in the worst attack in Kuwait. A court sentenced one man to death and jailed eight others for assisting the Saudi bomber. Among those arrested in the latest police action was 18-year old Talal Raja who confessed to have been plotting a suicide attack against a Shiite mosque and an interior ministry installation by the end of the Muslim fasting month of Ramzan on Tuesday, the ministry said. The second cell consisted of a mother and son who were arrested in Syria in the IS-controlled Riga and brought back to Kuwait, the ministry said. It provided no details of how they were arrested. The 28-year old son had cut short his petroleum engineering study in Britain to join the IS after his younger brother was killed while fighting for the group in Iraq, the ministry said. The third cell comprised of two Kuwaitis, one of them a policeman, who were seized along with two Klashnikov rifles and ammunition. The pair confessed to plotting attacks in the country, the ministry said. In November last year, Kuwaiti police busted an international cell led by a Lebanese man that was sending air defence systems and funds to the Islamic State group. Several suspected IS members and sympathisers were tried in the Gulf emirate for a suicide bombing last month claimed by the group. (AFP)

Kuwait busts 3 IS cells plotting attacks

Kuwait said on Sunday that it plans to tap the international debt market through bond issues to finance its budget deficit after recording a first shortfall in 16 years. 
 
The oil-rich Gulf state plans to &quot;borrow up to three billion Dinars ($10 billion) in US-denominated bonds from international markets, in both conventional and (Islamic) sukuk issuance,&quot; Finance minister Anas al-Saleh told parliament. 
 
The ministry will borrow another two billion Kuwaiti Dinars ($6.6 billion) in both conventional and Islamic instruments from the domestic market, Saleh said. 
 
It will be the country&#39;s first foreign debt in around two decades. 
 
The borrowings will take place during the 2016-2017 fiscal year, which began April 1 and end next March 31, the minister said, without giving specific dates. 
 
Saleh said the finance ministry has already borrowed $2.5 billion from the domestic market. 
 
Saleh, who is also acting oil minister, said Kuwait recorded its first budget deficit of 5.5 billion Dinars ($18.3 billion) in the 2015/2016 fiscal year. 
 
The emirate is also projecting a shortfall of $28 billion in the current fiscal year. 
 
Kuwait posted healthy budget surpluses for 16 consecutive fiscal years until oil prices began to slide two years ago. Oil income made up around 95 per cent of public revenues. 
 
During the surplus years, Kuwait piled up around $600 billion in its sovereign wealth fund managed by Kuwait Investment Authority in holdings mostly in the United States, Europe and Asia. 
 
(AFP)

This is the country's first foreign debt in around two decades

Kuwait said on Sunday that it plans to tap the international debt market through bond issues to finance its budget deficit after recording a first shortfall in 16 years. The oil-rich Gulf state plans to "borrow up to three billion Dinars ($10 billion) in US-denominated bonds from international markets, in both conventional and (Islamic) sukuk issuance," Finance minister Anas al-Saleh told parliament. The ministry will borrow another two billion Kuwaiti Dinars ($6.6 billion) in both conventional and Islamic instruments from the domestic market, Saleh said. It will be the country's first foreign debt in around two decades. The borrowings will take place during the 2016-2017 fiscal year, which began April 1 and end next March 31, the minister said, without giving specific dates. Saleh said the finance ministry has already borrowed $2.5 billion from the domestic market. Saleh, who is also acting oil minister, said Kuwait recorded its first budget deficit of 5.5 billion Dinars ($18.3 billion) in the 2015/2016 fiscal year. The emirate is also projecting a shortfall of $28 billion in the current fiscal year. Kuwait posted healthy budget surpluses for 16 consecutive fiscal years until oil prices began to slide two years ago. Oil income made up around 95 per cent of public revenues. During the surplus years, Kuwait piled up around $600 billion in its sovereign wealth fund managed by Kuwait Investment Authority in holdings mostly in the United States, Europe and Asia. (AFP)

Kuwait to tap foreign debt markets to finance deficit

Kuwait has filed suit in a Swiss court seeking $1 billion in damages from the International Olympic Committee over its suspension from competition, its youth and information minister said. 
 
The IOC and world football governing body FIFA suspended Kuwait in October over laws that allow government interference in sports. 
 
Sheikh Salman al-Humoud Al-Sabah said that the suspension, which threatens to exclude Kuwaiti athletes from the Olympics in Rio in August, was &quot;unjustifiable&quot; and imposed without proper investigation. 
 
&quot;It&#39;s totally unacceptable that Kuwait is treated in this unfair way and barred from international sports activities without any appropriate probe being conducted,&quot; the official KUNA news agency quoted the minister as saying late on Wednesday. 
 
The minister did not give further details of the lawsuit but the IOC is headquartered in the Swiss city of Lausanne. 
 
Apart from the IOC and FIFA, 16 other international sporting federations have also blacklisted Kuwait. 
 
In January, the Kuwaiti government filed suit in a domestic court seeking damages of $1.3 billion from 15 Kuwaiti sports officials it alleged had actively sought the suspensions. 
 
They included Sheikh Ahmad al-Fahad al-Sabah, who heads the Olympic Council of Asia and is a top IOC official as well as a member of the FIFA executive committee. 
 
The youth minister renewed those allegations on Wednesday, charging that officials who were supposed to represent Kuwait had been &quot;happy&quot; about the country&#39;s suspension. 
 
The Kuwaiti parliament approved sweeping changes to sports laws on Monday but MPs said the amendments did not go far enough to end the country&#39;s suspension. 
 
It is the third time since 2007 that FIFA and the IOC have suspended Kuwait for alleged government interference. 
 
(AFP)

It is the third time since 2007 that FIFA and the IOC have suspended Kuwait for alleged government interference

Kuwait has filed suit in a Swiss court seeking $1 billion in damages from the International Olympic Committee over its suspension from competition, its youth and information minister said. The IOC and world football governing body FIFA suspended Kuwait in October over laws that allow government interference in sports. Sheikh Salman al-Humoud Al-Sabah said that the suspension, which threatens to exclude Kuwaiti athletes from the Olympics in Rio in August, was "unjustifiable" and imposed without proper investigation. "It's totally unacceptable that Kuwait is treated in this unfair way and barred from international sports activities without any appropriate probe being conducted," the official KUNA news agency quoted the minister as saying late on Wednesday. The minister did not give further details of the lawsuit but the IOC is headquartered in the Swiss city of Lausanne. Apart from the IOC and FIFA, 16 other international sporting federations have also blacklisted Kuwait. In January, the Kuwaiti government filed suit in a domestic court seeking damages of $1.3 billion from 15 Kuwaiti sports officials it alleged had actively sought the suspensions. They included Sheikh Ahmad al-Fahad al-Sabah, who heads the Olympic Council of Asia and is a top IOC official as well as a member of the FIFA executive committee. The youth minister renewed those allegations on Wednesday, charging that officials who were supposed to represent Kuwait had been "happy" about the country's suspension. The Kuwaiti parliament approved sweeping changes to sports laws on Monday but MPs said the amendments did not go far enough to end the country's suspension. It is the third time since 2007 that FIFA and the IOC have suspended Kuwait for alleged government interference. (AFP)

Olympics: Suspended Kuwait seeks $1 billion in damages from IOC

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