Kuwait to Buy Investment Shares Owned by Pension Fund within Financial Plan to Rescue Bahrain: Newspaper
2018-07-20 - 9:12 p
Bahrain Mirror: Kuwaiti official sources said that Kuwait is to buy shares owned by Public Authority for Social Insurance (pension fund) in Bahraini companies, within its plan to help rescue Bahrain financially.
Al-Anbaa Kuwaiti newspaper reported a source, without mentioning its name, as saying that "Kuwait has a strategy to support the Bahraini economy which is based on two main approaches, providing monetary financial rescue package, in addition to the Kuwaiti Government buying of shares in some banks and companies of good operating and profitability performance."
The sources said that the shares the Kuwaiti government targets to buy through official institutions and parties owned by Bahraini Public Authority for Social Insurance and whose shares are in the companies and banks enlisted in Bahrain bourse due to easiness in entering the investment funds, buying and selling easily in future.
The newspaper explained that the Kuwaiti support for Bahrain in the framework of the Gulf economic support program aims at strengthening financial stability and solving the financial crisis from which Bahrain suffers.
According to an official report, the pension fund suffers from actuarial deficit and the government seeks to reduce the privileges of retirees to meet the deficit that threatens bankruptcy of funds in 2022.
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