Kuwait plans to issue up to KWD3bn (USD10bn) in USD-denominated bonds and sukuk in international markets to help plug its budget deficit for the current 2016-17 fiscal year, according to the finance Minister. It will also borrow up to KWD2bn 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. The remainder of Kuwait's expected KWD9.5bn budget deficit for the current fiscal year, which began on April 1, will be covered by drawing down funds from the general reserve, al-Saleh said. For the 2015-16 fiscal year, the government posted a budget deficit of KWD5.5bn, lower than the KWD8.2bn it had previously forecasted. The ministry of finance was preparing a public debt strategy for the coming five years to cover the government's financing needs. The strategy included setting up a special unit to manage public debt within the ministry. It would work in cooperation with Kuwait Investment Authority, the sovereign wealth fund, and the central bank, al-Saleh said. (Reuters)