The Kuwaiti government has proposed new amendments to the country's public debt law, including capping borrowing to maximum 60% of gross domestic product, the head of a parliamentary finance committee told Reuters.

The government presented the proposed amendments to the parliamentary committee on Monday, Ahmed al-Hamad said. Another proposed change regards the duration of debt: the government would like no maturity limit, he said, while the existing debt law has a maximum limit of 30 years.

Kuwait is facing a liquidity squeeze because of a standoff between government and parliament over the public debt law.

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