NO. 27


Financial and Banking News

Budgets & Revenues

Kuwait's National Assembly Approves Debt Buyout Plan

Kuwait's National Assembly has approved the government's plan to buy out baddebts owed to local commercial banks. The settlement plan covers debts arisingfrom the Suq al-Manakh crash of 1982, as well as those resulting from lossesincurred during the Iraqi occupation. The total cost of the buyout is put atKD7bn ($23.8bn), of which about $7bn relates to pre-war debts....