Kuwait unveiled budget proposals that forecast a 5.89 billion dinar ($19.1 billion) deficit for the fiscal year starting April 1.
The Gulf nation is projecting revenue of 18.66 billion dinars, down 4.1% from the current year’s estimate, the Ministry of Finance said Tuesday. Non-oil revenue is forecast to rise 5.7% to 2.42 billion dinars.
Projected outlays in 2024-25 are seen at 24.55 billion dinars, down 6.6% on the current year’s budget.
OPEC member Kuwait posted a surplus of 6.4 billion dinars in the 2022-23 fiscal year, ending nine straight years of budget deficits as a boom in oil revenue and more controlled spending delivered a boost for one of the Middle East’s biggest crude producers.
The projected deficit for the next fiscal year is 13.5% lower than that forecast in the current year.
Other Budget Highlights:
- Planned capex accounts for 9.3% of total spending
- Oil calculations are based on a daily production rate of 2.7 million barrels per day; Kuwait’s breakeven point is $90.7/bbl
- Wages and subsidies account for 79.4% of the budget
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