Mubasher: Kuwait's Ministry of Finance (MoF) will not approve the initial estimates submitted by governmental authorities for the draft budget for fiscal year 2020/2021, the minister Nayef Al Hajraf said, according to a press release on Sunday.
The initial estimates totalled KWD 27.7 billion ($91.41 billion), indicating an unrealistic budget.
The ministry has advised all authorities to submit realistic and balanced budgets according to the results of the final account, otherwise, it will determine the estimates itself.
Kuwait's finance ministry further encouraged all sides to collaborate in determining expenditure priorities during the participation in workshops that will be held for the first time, during the period from 15 to 29 October at the ministry’s headquarters.
It is worth noting that MoF has expected a budget deficit worth KWD 5.27 billion, in addition to KWD 15.81 billion worth of revenues, and expenses worth KWD 22.50 billion for the fiscal year 2019/2020.
