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Wednesday, April 24, 2024 3:58 GMT
Kuwait's national assembly on Wednesday approved a law to make transfers of state revenue to one of its sovereign wealth funds conditional on budget surpluses, the parliament said on Twitter.The Future Generations Fund, which is managed by the Kuwait Investment Authority (KIA), automatically receives 10% of the state's oil revenue every year. The KIA also manages the General Reserve Fund, which has been depleted at a fast rate to plug a budget deficit.