Kuwait's Ministry of Finance expects its total budget deficit for the next fiscal year 2023-2024 to reach KD 6.8 billion (equivalent to $22.5 billion). The fiscal year begins in early April and ends on March 31 of the following year.
According to estimates announced by the ministry, the total expected revenues will reach 19.5 billion dinars, equivalent to 64.5 billion dollars, while the total expected expenditures will reach 26.3 billion dinars, equivalent to 87 billion dollars.
According to the ministry, crude oil and derivatives revenues will account for about 88 percent of total income during the next fiscal year, worth 17.17 billion dinars or about 56.8 billion dollars.
According to forecasts for the current fiscal year, which will end on March 31, the budget deficit will be about 123.9 million dinars ($410 million).
Kuwait has adopted a price of $70 per barrel of oil in the next fiscal year's budget, lower than the current average price of around $85 per barrel.
Source (Al-Araby Al-Jadeed, Edited)
