Page 5 - Al-Rashed Newsletter September 2020

KUWAIT & IRAQ
KUWAIT NEWS

Kuwait Gets First Moody’s Downgrade Over ‘Liquidity Risks
Kuwait was downgraded for the first time by Moody’s Investors Service, a
decision the ratings agency said reflects the increase in the government’s
“liquidity risks.” The sovereign credit rating was cut two levels to A1, the fifth-
highest investment-grade level and on par with China and Saudi Arabia,
according to a statement on Tuesday. Moody’s now ranks Kuwait two steps
lower than Fitch Ratings and one below S&P Global Ratings, which lowered
its own assessment of the country in March for the first time ever. Kuwait’s
dollar bonds fell, with the yield on the $3.5 billion security due 2022 rising 14
basis points to 1.08%, the highest since June.

Kuwait National Assembly finalising demographic imbalance bill
The Human Resources committee at Kuwait’s National Assembly has
reviewed and will finalise a proposal regarding the demographic imbalance
issue. According to the draft law, obtained by Al Jarida newspaper, the
committee would exclude nine categories from the law: Gulf citizens, spouses
and children of Kuwaiti women, heads and members of political and
international missions and organisations, military personnel, travel crew
including pilots, assistants and cabin crew, labourers working on
infrastructure and economic development projects, domestic workers,
medical and educational professionals.

Kuwait civil aviation authority requests 7-day quarantine for travellers
The Director General of the Directorate of Civil Aviation, Yousef Al Fawzan,
requested that the Ministry of Health reduce the quarantine period of
travellers arriving to Kuwait to 7 days from 14 days.The letter, addressed to
the Undersecretary of the Ministry of Health, proposed that the quarantine
period be reduced, while the health requirements, especially providing a PCR
certificate prior to departure, remain in place.

IRAQ NEWS

Iraq oil minister expects deal to up oil exports
Iraqi Oil Minister Ihsan Abdul Jabbar expects to reach an agreement soon with
the OPEC+ group over increasing Iraq’s crude oil exports, state news agency
INA.
OPEC’s second-biggest producer, Iraq has failed in the past to fully comply
'IT IS NEVER TOO with OPEC+ oil output reductions, pumping above its production targets since
the pact was first signed in 2016 between OPEC and its allies led by
LATE TO BE WHAT Russia.The reduction in exports resulting from the OPEC+ cuts have

YOU MIGHT HAVE squeezed Iraq’s finances, challenging a government struggling to tackle the
fallout from years of war and rampant corruption. Iraq relies on oil to fund 97%
BEEN.' of its state budget.
- GEORGE ELLIOT

Source: Bloomberg, Gulfnews.com Arabnews.com, Kuwaittimes.com , Reuters