UPDATE 1-Kuwait closes 2019-2020 fiscal year with $18 bln deficit -finance ministry - Reuters:
Kuwait, facing one of the worst economic crunches in the oil-exporting Gulf region, posted an actual deficit of 5.64 billion dinars ($18.44 billion) in the 2019-2020 fiscal year, it said on Thursday, a 69% increase year on year.
Total revenues fell by over 16% in the fiscal year which ended in March to 17.22 billion, the finance ministry said on Twitter, while expenditure decreased by 3.2% to 21.14 billion dinars.
Kuwait is scrambling to boost state coffers badly hit by the coronavirus crisis and low crude prices.
Kuwait transfers 10% of total annual revenues to one of its sovereign funds, the Future Generations Fund.
In the 2019-2020 fiscal year, the transfer amounted to 1.72 billion dinars, meaning before the transfer the deficit recorded for the year was 3.92 billion dinars, the ministry said.
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