Kuwait draft 2022-2023 budget sees deficit down 74% | Reuters
Kuwait's finance ministry said on Monday it had submitted to the cabinet a draft budget for the fiscal year 2022-2023 with an expected deficit of 3.1 billion dinars ($10.26 billion), down 74.2% from the previous year.
The Gulf OPEC member sees oil income at 16.7 billion dinars throughout the FY that ends in March 2023, up 83.4% from 2021-2022, according to a ministry statement.
Total revenues were estimated at 18.8 billion dinars, assuming an oil price of $65 per barrel, while expenses were seen at 21.9 bln dinars for the FY 2022-2023.
The proposed budget includes 2.9 billion dinars in capital spending, and needs an oil price of $75 per barrel to break even.
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