Kuwait draft budget predicts narrower deficit for fiscal 2021/22

Kuwait's finance ministry has proposed a draft 23.05 billion dinar ($76.2 billion) budget for the fiscal year starting on April 1, it said in a statement on Monday.

The budget forecasts government revenues of 10.9 billion dinars in fiscal 2021/2022, meaning it expects a fiscal deficit of 12.1 billion dinars - 13.8 percent narrower than the deficit budgeted for the fiscal year ending on March 31.

For all the latest headlines follow our Google News channel online or via the app.

Last September, Kuwait cut 945 million dinars ($3.09 billion) in expenditure from its budget for the 2020/2021 fiscal year, the head of a parliamentary committee said at the time, adding workers’ rights, benefits and subsidies would not be affected.

The Gulf country is seeking to save money while facing a deficit of 14 billion dinars this fiscal year, which began on April 1, amid the twin shock of the oil price crash and coronavirus pandemic.

Read more:

Kuwait trims $3 bln from budget following low oil prices, coronavirus: Lawmaker

Kuwait makes new oil discoveries, says oil minister

Kuwait’s emir reappoints Sabah al-Khalid al-Sabah as prime minister