Kuwait to announce state intervention to prop up economy - government source

KUWAIT, March 31 (Reuters) - Kuwait will announce measures later on Tuesday aimed at supporting the economy against the coronavirus pandemic, a government source told Reuters.

The sectors most affected include aviation, hospitality and real estate, said the source, adding that the measures would include exemptions from government fees and credit facilities for those affected.

The source said that, given a plunge in oil prices, passing a debt law that would allow Kuwait to borrow more has become a “government priority” and that the state fund the government uses to finance its deficit has around 14 billion dinars ($44.65 billion) left in it. ($1 = 0.3135 Kuwaiti dinars) (Reporting by Ahmed Hagagy, writing by Davide Barbuscia Editing by Gareth Jones)