Kuwait’s legislation covering its permitted debt ceiling expires this year and the government is taking the opportunity to double the ceiling to KD20bn ($65.6bn). But this will actually be a more conservative raise than previously expected. The IMF’s Article IV report from November 2016 said Kuwait’s debt committee had a recommended KD25bn ($81.9bn) limit.

Along with boosting the ceiling, Kuwait will increase the maximum maturity of the bond issues to 30 years from the...