The Kuwaiti Cabinet discussed a draft law linking the budget of ministries and government departments for the fiscal year 2021/2022.
The Ministry of Finance prepared the draft budget of ministries and government departments for the fiscal year 2022/2021, with total expenditures amounting to about 23.048 billion dinars (76 billion dollars) and total revenues of 10.929 billion dinars (36 billion dollars). These figures show an expected deficit in the budget for the next fiscal year, by 12.1 billion dinars.
In this context, Khalifa Hamadeh, the Kuwaiti Minister of Finance of the government that submitted its resignation to the Emir of the country, confirmed that the size of the assets of the Future Generations Fund is continuously growing, but the General Reserve Fund suffers from fundamental challenges in liquidity, explaining that the executive authority is committed to implementing its development projects and stimulating economic growth.
The Emir of Kuwait, Sheikh Nawaf Al-Ahmad, issued an Emiri Order appointing Sheikh Sabah Al-Khaled as Prime Minister and assigning him to choose the ministers, after he had issued an Emiri order accepting the resignation of the government headed by Sheikh Sabah Al-Khaled, and assigning it to conduct urgent business until the new government was formed. The resignation of the Prime Minister came after the resignation of the ministers due to the latest developments in the current situation in the relationship between the National Assembly and the government.
Source (Al-Arabiya.net website, Edited)
