Saturday 18 January 2020
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business-standard - 4 days ago

Kuwait approves budget with deficit for sixth year

Kuwait s cabinet on Tuesday approved the 2020/2021 budget projecting a huge deficit for the sixth year in a row due to low oil prices, the finance minister said. The Gulf state whose revenues heavily rely on oil prices projected a shortfall of $25.3 billion for the fiscal year starting in April, up 15 percent on the current year, Mariam al-Aqeel said. The budget deficit is the result of a drop in oil production and prices, the minister told a press conference in Kuwait City. She said the government decided to keep spending unchanged from the current fiscal year at around $74 billion, of which 71 percent are allocated to civil servants wages and public subsidies. Revenues are projected at $48.7 billion, 6.0 percent lower than the current year s estimates. More than 87 percent of income comes from oil. Since the crash in oil prices in mid-2014, Kuwait followed other oil-rich Gulf countries in raising fuel and electricity prices but could not impose taxes due to stiff opposition from ..

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