By: Ahmad Awad
Kuwait-Mubasher: Rationalization of fuel subsidy in Kuwait will save about KWD 1 billion, finance ministry undersecretary Khalifa Hamada said, noting that the his ministry will study the prospected global consultant report on subsidies rationalisation in preparation for taking this vital step.
The country’s budget deficit has reached KWD 2 billion until October, he noted.
The undersecretary added that KWD 5 billion is the deficit expected for the current financial year ending 31 March.
Separately, revenues estimated at KWD 2 billion will be achieved from imposing taxes on companies, Hamada noted on the sidelines of the Islamic Development Bank.
Hamada also clarified that no time schedule is set to offer sukuk and bonds for financing Kuwait’s budget deficit.
