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Kuwait expects budget deficit of $18bn

The trading floor of Boursa Kuwait. State revenues are projected at KD18.9 billion, down 2.8 percent from last year Kuna
The trading floor of Boursa Kuwait. State revenues are projected at KD18.9 billion, down 2.8 percent from last year

Kuwait expects to report a budget deficit of KD5.6 billion ($18.3 billion) for 2024-2025, finance minister Dr. Anwar Al-Mudhaf has said.

Revenues are projected at KD18.9 billion, down 2.8 percent from last year, state-run Kuna news agency reported, quoting the minister.

Expenditure will reach KD24.5 billion, a 6.6 percent decline from a year ago.

Salaries and subsidies represent 78.8 percent of the state budget’s projected expenditures, with KD13.97 billion allocated to salaries and KD4 billion for subsidies.

He stated that the country will continue to grant subsidies to needy individuals and companies, adding that financial sustainability is paramount to economic reforms.

Kuwait recorded a deficit of KD33 billion over the last decade.

“The gap was bridged by finances from the state reserves,” said Al-Mudhaf, estimating the deficit in the coming four years at KD26 billion.

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