Kuwait faces job losses from investment firms
Source: BI-ME and Bloomberg , Author: BI-ME staff
Posted: Thu January 8, 2009 12:00 am

KUWAIT. Thousands of people employed in Kuwait’s private financial sector face the possibility of being laid off as losses of investment companies rise, Al-Watan reported, without saying where it got the information.

Investment companies are short of liquidity with banks reluctant to lend money, and the government, parliament and companies need “unconventional solutions” to deal with the crisis, the newspaper said.

Kuwait’s Central Bank Governor Sheikh Salem Abdul-Aziz al- Sabah said on 4 January that Kuwaiti investment companies’ local debt was KWD 2.9 billion (US$10.4 billion) and their external debt was KWD 2.3 billion.

 

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