KUWAIT, Jan 30 (KUNA) -- Projected expenditure in the 2017-18 State budget amounts to approximately KD 21.2 billion and estimated income stands at KD 13.3 billion, with a KD 7.9 billion deficit, the Finance Minister announced late on Monday. (USD=KD 0.305).
Figures of the 2017-18 State budget have been set on forecast oil price at USD 45 per barrel, said Anas Al-Saleh, also the Deputy Prime Minister, speaking at a news conference following a ministerial dialogue session, held tonight as part of ceremonial launch of the National Media Campaign, "New Kuwait." The equilibrium level, with deduction of the proportion allotted for the next generations, is forecast in the event the crude oil price has stood at USD 71 per barrel, the minister added.
Forecast oil revenues for the 2017-18 year amount to some KD 11.7 billion, with a 36 percent rise, as compared to those of the 2016-17 FY.
Total cost of construction ventures reaches KD 20.5 billion, Minister Al-Saleh said, affirming that this cost is a liability for the State throughout duration of executing the projects, namely increasing accommodation capacity of Kuwait International Airport and building an advanced infrastructure for the roads and other key facilities.
Overall number of development projects envisaged in the 2017-18 development strategy has reached 161, cost of which at KD 4.57 billion, including KD 1.5 billion part of the for the State budget, Minister Al-Saleh stated.
He indicated that spending would be restricted through disapproval of establishing new public authorities or institutions, jurisdictions of which can be included in authorities of existing ones, as well as merging departments tasks and objectives of which are identical.
Bases of the development strategy, "New Kuwait," are: Government administration, sustainable and diversified economy, advanced infrastructure, high-quality health care, creative manpower, sustainable living environment and distinguished international status for the State of Kuwait. (end) fnk.rk