40 ALRAQABA . ISSUE 20 of the country’s financial and economic conditions. These ratings demonstrate confidence in the country’s ability to fulfill its financial obligations and maintain financial stability. In the recent report of Fitch, Kuwait was ranked AA- with a stable outlook. According to the report, “The main strengths of the credit rating of Kuwait lie in its exceptionally solid financial and external budget, while the main weaknesses include the repeated institutional inertia and political restrictions on reforms that would address the financial and structural challenges resulting from the heavy dependence on oil, the generous welfare state and the large public sector.” To maintain the country’s credit rating, the government must take all practical measures and policies that enhance transparency and support the country’s economy and economic growth. It is worth mentioning that Kuwait has formed a committee to govern the country’s sovereign credit rating with the membership of the Ministry of Finance, the Central Bank of Kuwait, the General Authority for Investment, and the General Secretariat of the Supreme Council for Planning and Development. The committee’s tasks include enhancing communication and unifying data with all rating agencies, as well as coordinating with relevant authorities in this regard. As the government’s efforts to promote the local economy and improve the business environment continue, these efforts will enhance Kuwait’s credit rating in the future. Articles
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