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Projected deficit in Kuwait's state budget at approx. USD 10 billion

The state budget for the fiscal year (2022-2023)
The state budget for the fiscal year (2022-2023)

KUWAIT, Jan 24 (KUNA) -- The Kuwaiti Ministry of Finance announced on Monday that deficit in the state budget for the fiscal year (2022-2023) is projected at approximately KD 3.1 billion (some USD 10.2 billion), with a drop of 74.2 percent compared to the current budget expiring by March 31.

The Kuwaiti Ministry of Finance said in a statement that the draft budget for the upcoming fiscal year (2022-2023) had been submitted to the cabinet, pending referral to the National Assembly. It will be effective as of April and expires on March 31, 2023.
The budget has been worked out on the basis of the oil price at USD 75 per barrel.
The statement quoted Minister of Finance and Minister of State for Economic Affairs and Investments, Abdulwahab Al-Rushaid, as saying that upon directions from the cabinet, expenditure was trimmed, with the ceiling of spending marked at KD 22 billion (USD 72 billion).
Projected revenues were estimated at KD 18.8 billion (USD 62 billion), while the forecast oil proceeds were in the range of KD 16.7 billion (USD 55 billion), higher as compared to the current budget by 83.4 percent.
Non-oil income was estimated at KD 2.1 billion (USD 6.9 billion), rising by 15.3 percent in contrast to the present budget. (end) oam.rk