Kuwait projects $25.9bn budget deficit next fiscal year

The forecast assumes an average oil price during the year of $45 a barrel



Kuwait’s government projects a budget deficit of KD7.9bn ($25.9bn) in the new fiscal year starting on April 1, finance minister Anas al-Saleh said on Monday.

That forecast is after a contribution of 10 per cent of revenues to the sovereign wealth fund, and conservatively assumes an average oil price during the year of $45 a barrel, Saleh said in a briefing on the government’s economic plans. Brent crude oil is currently around $55 a barrel.

Spending is projected at KD19.9bn next fiscal year and revenues at KD13.3bn.

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