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Kuwait projects $25.9bn budget deficit next fiscal year
January 31, 2017, 12:13 pm
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Kuwait's government projects a budget deficit of KD 7.9 billion ($25.9 billion) in the new fiscal year starting on 1 April, Finance Minister Anas al-Saleh said on Monday. That forecast is after a contribution of 10 percent of revenues to the sovereign wealth fund, and conservatively assumes an average oil price during the year of $45 a barrel, Saleh said in a briefing on the government's economic plans. Brent crude oil is currently around $55 a barrel.

Spending is projected at 19.9 billion dinars next fiscal year and revenues at KD 13.3 billion. Anas al-Saleh added that Kuwait is continuing procedures to issue an international sovereign bond but could not give a time frame for a sale that’s expected to help cover the budget deficit.

The government planned to offer KD 3 billion ($9.8 billion) in bonds to international investors at the beginning of 2017, Saleh said last November. National Bank of Kuwait and investment firm KAMCO said they had been invited by the government to participate in the issue. The projected budget deficit of KD 7.9 billion in the new fiscal year starting on 1 April will be covered with reserves and issues of both domestic and international bonds, Saleh said at a briefing on the government's economic plans.

Source: Arabian Business

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