Kuwait's Ministry of Finance estimated that the deficit in the draft budget for 2024-2025 would be about 5.892 billion dinars ($19.15 billion), with total revenues estimated at 18.662 billion dinars. The ministry expected spending to fall 6.6 percent to 24.555 billion dinars.
Kuwait expects oil revenues to reach 16.234 billion dinars, down 5.4 percent from the previous budget, based on an oil price of $70 a barrel.
OPEC member Kuwait, where oil accounts for more than 90 percent of its public revenues, 60 percent of GDP, and 95 percent of its exports, is seeking to liberalize its economy, reduce dependence on oil, and increase the enrollment of citizens in the private sector.
Source (Al-Araby Al-Jadeed Newspaper, Edited)
