The Ministry of Finance in Kuwait submitted the draft general budget for the upcoming fiscal year 2022/2023 to the Council of Ministers, in preparation for the issuance of a decree referring to the National Assembly for deliberation and approval. In the draft budget, Kuwait expects oil income of 16.7 billion dinars ($55 billion), up from about 9.1 billion dinars ($30 billion) in 2021-2022.
The 2023/2022 budget, which begins on April 1, 2022 and ends on March 31, 2023, includes a capital expenditure of 2.9 billion Kuwaiti dinars ($9.5 billion), it is estimated that the general budget will record a fiscal deficit of 3.1 billion dinars ($10.2 billion), a decrease of 74.2 percent compared to the current budget, which ends on March 31, 2022.
The Ministry of Finance has set a budget ceiling that does not exceed 22 billion dinars ($72.5 billion), while maintaining a healthy proportion of capital spending to support the national economy. According to budget estimates, total revenues are expected to reach 18.8 billion dinars ($62 billion). While oil revenues will amount to 16.7 billion dinars ($55 billion). This reflects an increase of 83.4 percent over the current budget, which ends on March 31.
Source (Al-Sharq al-Awsat Newspaper, Edited)
