Kuwaiti Minister of Finance and Minister of State for Economic Affairs Anwar Al-Mudhaf warned that the balance of the Kuwaiti General Reserve is close to running out.
During the first general budget forum for 2024, Al-Mudhaf explained that "the balance of Kuwait's general reserve decreased from 33.6 billion dinars ($ 110 billion) in 2015 to less than 2 billion dinars ($ 6.5 billion) in the fiscal year 2023-2024, due to the continuous withdrawal to cover the devastating fiscal deficit."
"The large balance of reserves in the past helped us to overcome the last 4 years, while we are now at a crossroads, and we need to make decisive decisions to address this situation," he explained.
The Minister of Finance confirmed that the cumulative deficit for the period between the fiscal year 2015-2016 and the fiscal year 2023-2024 is more than 30 billion dinars.
Source (Al Sharq Al-Awsat Newspaper, Edited)
