AFP, Kuwait City :
The Kuwaiti government on Monday approved the 2017/2018 budget with a projected huge deficit for the third year running due to the sharp fall in oil prices.
Finance Minister Anas Al-Saleh said the fiscal year’s budget which begins on April 1 is projecting a shortfall of 6.6 billion dinars ($21.6 billion).
The deficit is 25 percent less than the projected shortfall in the current 2016/2017 fiscal year estimated at $29 billion, due to an improvement in oil prices.
Revenues are projected at 13.3 billion dinars and spending is estimated at 19.9 billion dinars, the minister told reporters.
The budget becomes official only after the Gulf state’s elected parliament approves it.
Oil revenues are projected at $38.4 billion, up 36 percent on the estimated oil income in this year’s budget, the minister said.
The Kuwaiti government on Monday approved the 2017/2018 budget with a projected huge deficit for the third year running due to the sharp fall in oil prices.
Finance Minister Anas Al-Saleh said the fiscal year’s budget which begins on April 1 is projecting a shortfall of 6.6 billion dinars ($21.6 billion).
The deficit is 25 percent less than the projected shortfall in the current 2016/2017 fiscal year estimated at $29 billion, due to an improvement in oil prices.
Revenues are projected at 13.3 billion dinars and spending is estimated at 19.9 billion dinars, the minister told reporters.
The budget becomes official only after the Gulf state’s elected parliament approves it.
Oil revenues are projected at $38.4 billion, up 36 percent on the estimated oil income in this year’s budget, the minister said.
