Kuwait budget deficit expected to decrease 13.5% in 2024-25

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Wed, 2024-01-31 14:10

RIYADH: Kuwait’s budget deficit is expected to decrease by 13.5 percent in the 2024-25 fiscal year, according to a draft budget released by the Ministry of Finance.

The shortfall is forecasted to hit 5.89 billion dinars ($19.15 billion), with total revenues estimated to amount to 18.6 billion dinars, a 4.1 percent decline from the previous fiscal year.

The draft budget for the year sees oil revenues at 16.23 billion dinars, down 5.4 percent from 2023-2024, based on an oil price of $70 a barrel.

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