NO. 41


Financial and Banking News

Budgets & Revenues

KIA Chief Says Kuwait's Reserves Have Fallen by $22bn

Kuwait has drawn down $22bn from its reserves to cover contributions towards the liberation of Kuwait and the expenses of Kuwaitis exiled abroad, according to Mr. 'Abd Allah al-Gabandi, the Managing Director of the KuwaitInvestment Authority (KIA). Kuwait pledged $16,006mn to the US to cover DesertStorm costs, according to US sources. In interviews with the Kuwaiti...