The Kuwaiti Ministry of Finance revealed that the budget deficit reached 2.99 billion Kuwaiti dinars (9.71 billion dollars) in the fiscal year 2021-2022, a decrease of 72.2 percent from the previous year.
According to the Ministry of Finance, oil revenues increased by 84.5 percent to 16.22 billion dinars ($52.69 billion) in the 2021-2022 fiscal year.
According to the Ministry of Finance, oil revenues increased by 84.5 percent to 16.22 billion dinars ($52.69 billion) in the 2021-2022 fiscal year. The agency indicated that the negative outlook for the rating reflects the risks over the next twelve to twenty-four months related to the government's ability to overcome institutional obstacles that prevent it from implementing a strategy to finance the budget deficit in the future. The agency also expected that the average budget deficit in Kuwait would reach 12% of the GDP by 2025.
On the other hand, Fitch Solutions expected that Kuwait's real GDP would grow by 8% during 2022, to be the fastest growth rate since 2012, with growth reaching 4.6% in 2023.
Source (Al-Arabiya.net Website, Edited)
