Kuwait: Kuwait has drawn up a roadmap for financial and economic reforms in a bid to upgrade the country’s sovereign credit rating, a minister announced. Kuwait’s Supreme Council for Planning and Development, in conjunction with other state bodies including the finance ministry and the central bank, has been tasked with forming this plan, Minister of State for Economic Affairs Mariam Al-Aqeel said in a statement on Thursday.

A vital component of the plan is proper legislation ensuring that such reforms are sustainable and effective, said the minister, who emphasized that a better sovereign rating for a country “invariably means greater investment and lower borrowing costs.”

The minister pinpointed the sharp drop in oil prices and the coronavirus pandemic as factors that have led to more “financial strain,” saying that long-term economic growth largely hinges on unimpeded reforms. Careful assessment and rigorous planning would pave the way for reforms, subsequently improving Kuwait’s sovereign credit rating profile, added the minister.