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Sovereign Wealth Funds Briefing - Categorized | Financials, Fund Profile/New Launches

Kuwait aims to boost rainy day fund

Posted on 18 September 2012

OPEC member Kuwait plans to more than double the portion of state revenues it puts into a rainy day fund, mostly from oil, to 25 percent this fiscal year, the state news agency said on Monday. Kuwait’s cabinet has asked the finance ministry to make the change in the budget for the year ending in March 2013, news agency KUNA said. It was not clear whether the increase would extend beyond the current financial year.
Kuwait, one of the world’s richest countries per capita and a major oil producer, currently puts 10 percent of its annual revenues into the Future Generations Fund, a nest egg for when oil runs out. The fund was set up in 1976 and is managed by the Gulf state’s sovereign wealth fund, the Kuwait Investment Authority (KIA)………………………………………..Full Article: Source


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