KUWAIT, April 7 (KUNA) -- Minister of Finance Barrak Al-Shaitan hailed Fitch Ratings affirmation earlier Tuesday of Kuwait's long-term foreign-currency Issuer Default Rating (IDR) at 'AA' with a stable outlook.
The rating reflects the strength of the state's crediting and fiscal position backed by the volume of assets of the Future Generations' Fund (FGF), the minister told reporters.
"In their recent reports, the world's three biggest credit rating agencies, including Moody's, agreed that Kuwait's financial position maintains exceptionally strong fiscal and external balance sheets based on the FGF support," he affirmed.
The decision of Moody's to review its rating for Kuwait signals the need to pursue the financial reforms and the restructuring of the state budget, he added.
The minister highlighted the need of enhancing the liquidity of the general reserve fund and addressing the financial imbalances against the backdrop of the current challenges, including the nosediving oil prices. (pickup previous)