KUWAIT: Moody’s downgrades two notches as politics threaten liquidity

GULF COUNTRIES - Report 23 Sep 2020 by Justin Alexander

The downgrade came amidst an impasse between the government and parliament about financing the large deficit, either through a debt law or by drawing on sovereign wealth. This is part of broader governance challenges that make it nearly impossible to implement fiscal reform. We see a potential scenario though, in which these tensions could be mitigated as the two sides find common ground on reducing expat numbers and parliament becomes more accommodating on fiscal policy, particular after Nawaf succeeds as emir and a new crown prince is appointed.

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