'Attacked by Iran Every Day' – Economy Under Pressure, Kuwait Plans to Issue Dollar Bonds

BlockBeats News, July 22 – Sources revealed that Kuwait plans to issue dollar bonds on Wednesday. Over the past two weeks, the country has faced daily missile and drone attacks from Iran. Kuwait has hired banks, including Goldman Sachs and Citigroup, to arrange a three-part deal with maturities of three, five, and ten years. Final terms, including bond size and pricing, may be announced later on Wednesday. Kuwait is a key U.S. ally in the Middle East and, thanks to its vast oil reserves, is also one of the wealthiest countries in the world. However, the country’s economy has faced significant pressure this year due to frequent airstrikes by Iran in retaliation for U.S. and Israeli actions. In April, Goldman Sachs analysts estimated that Kuwait’s fiscal deficit had surged to an annualized rate of nearly 40%. The country has been forced to halt most of its oil exports due to the closure of the Strait of Hormuz. (Jin10)