Kuwait draft budget estimates $22.2bn deficit, Al-Dustor reports 

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Tue, 2023-07-11 12:00

RIYADH: Kuwait’s draft budget for 2023-2024 estimates a deficit of 6.8 billion dinars ($22.2 billion), hit by lower oil prices and volumes, a local paper reported, citing a member of parliament. 

The draft budget for the year from April 1 estimates oil revenue of 17 billion dinars, down 19.5 percent from 2022-2023, according to the report by Al-Dustor shared by parliament’s Twitter account, citing MP Osama Al-Zaid. 

The draft budget was based on an oil price of $70 a barrel, Aal-Zaid told Al-Dustor. Brent crude was trading at $78.44 at 1600 GMT on Monday. 

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