The data issued by the Kuwaiti Ministry of Finance showed that the public budget deficit doubled 7 times during the first 5 months of the current fiscal year (2020-2021), compared to the same period of the previous fiscal year, under pressure caused by the sharp decline in revenues and the increase in expenditures.
The general budget recorded a deficit of 1.413 billion dinars during the period from the beginning of April until the end of last August, compared to a deficit of 488.23 million dinars during the same period last year (after deducting the ratio of the Generations Reserve Fund, which amounted to 10 percent), an increase in the deficit of 190%, with a value of 925.46 million dinars.
The general budget of Kuwait achieved a surplus of 247.65 million dinars at the end of August 2019, with the deficit increasing by 670 percent, with a value of 1.66 billion dinars, to become 1.413 billion at the end of August 2020.
On the other hand, total public revenues witnessed a sharp decline of 55 percent during the first 5 months of the current fiscal year, and by about 4 billion dinars, achieving 3.3 billion dinars at the end of last August compared to 7.35 billion in revenues at the end of August 2019.
Source (Al-Rai Newspaper-Kuwait, Edited)