Mubasher: Kuwait’s budget deficit for fiscal year 2017/2018 has shrunk to KWD 1.6 billion before deducting future generations’ reserve, while it has reached KWD 3.15 billion after the deduction of the reserve.
The government estimates showed a deficit of KWD 6.6 billion due to a decline in oil prices back in the time,
The country’s total revenues amounted to KWD 15.6 billion, a 19% above estimates of KWD 2.5 billion, according to Al-Anba newspaper.
On the other hand, total expenses stood at around KWD 17.4 billion, lower than estimates of KWD 2.5 billion as the government succeeded in reducing expenses by following a strategy.
Kuwait has estimated around KWD 13.3 billion in revenues and KWD 19.9 billion in expenses for FT17/18 based on oil price of $45 per barrel (bp).
The deficit is projected to shrink 18% in FY18/19, as compared with the estimated deficit in FY17/18.
This was based on Kuwait’s oil production of 2.8 million barrels per day as the average price of Kuwaiti oil hit $50 pb.
