Kuwait budget deficit could widen to $46bln in 2020/21 -document | ZAWYA MENA Edition:
Kuwait expects its budget deficit to widen in its 2020/21 fiscal year to 14 billion dinars ($46 billion), according to a ministry of finance estimate in a parliamentary document, as the economy reels from the coronavirus outbreak and weak oil prices.
The projection compares with a previous forecast of 7.7 billion dinars, according to the document, seen by Reuters. Kuwait's fiscal year runs from April 1 to March 31.
Kuwait is debating this week a debt law in the parliament that would allow the country to borrow as much as 20 billion dinars over 30 years.
The oil-rich Gulf state is scrambling to boost state coffers badly hit by the coronavirus crisis and low crude prices, and has been rapidly depleting its General Reserve Fund to plug a budget deficit.
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