By: Ahmad Awad
Kuwait – Mubasher: The budget deficit of Kuwait has reached KWD 3.6 billion ($12 billion) until September for the fiscal year 2016/207, assistant undersecretary of the finance ministry Abdul Ghaffar Aqeel Al Awadi said.
Due to lower oil prices, Kuwait is expecting a deficit worth KWD 9.5 billion in the budget that begins in April.
There will be no changes in the decisions taken by the subsidies committee regarding fuel prices next months, Al Awadi said in a press conference held by the finance ministry on Tuesday.
The Kuwaiti government has increased fuel prices by 60% in September, aiming to shrink the growing budget deficit.
Al Awadi added that the value added tax (VAT) which is currently being prepared on the GCC level will need laws and legislation in Kuwait to be approved.
Translated by: Ingy ElSafy
