Kuwait plans to issue up to KD3 billion ($9.95 billion) in US dollar-denominated bonds and sukuk in international markets to help plug its budget deficit for the current 2016-17 fiscal year, the finance minister said on Sunday.

It will also borrow up to KD2 billion in debt from the domestic market in conventional and Islamic instruments, said Anas al-Saleh, who is also deputy prime minister and acting oil minister, according to an emailed speech.

The remainder of the expected KD9.5 billion budget deficit for the current fiscal year, which began on April 1, will be covered by drawing down funds from the general reserve, he said in the speech. – Reuters