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Kuwait's '16-17 budget deficit shrinks by 60.8 percent
July 26, 2017, 8:34 am

Kuwait's final statement of fiscal year (FY) 2016-17 showed deficit shrinking by 5.9 billion Kuwaiti Dinars (KD) (US$ 19.5 billion), or 60.8 percent than projected deficit reduction of KD 9.7 billion (US$ 32 billion), a Finance Ministry official said.

Abdulghaffar Al-Awadhi, Assistant Undersecretary of Accounting, elaborated Tuesday on the budget and said actual revenues of ministries and government departments amounted to KD 13.09 billion (US$ 43.3 billion), an increase of 127.9 percent than projected.

He added that projected revenues were KD 10.23 billion (US$ 33.8 billion) for FY 2016-17. Al-Awadhi said oil proceeds stood at KD 11.6 billion (US$ 38.3 billion), an increase of 135.5 percent than projected income that was estimated at KD 8.6 billion (US$ 28.4 billion).

Non-oil revenues for FY 2016-17 registered around KD 1.4 billion (US$ 4.6 billion), 12.6 percent less than projections.

Al-Awadhi said total expenditures of ministries and government departments reached KD 17.7 billion (US$ 58.5 billion), which accounted for 93.7 percent of budgetary spending estimates.

He said 10 percent of revenues, or KD 1.3 billion (US$ 4.2 billion), were transferred to the Future Generation Account.

Source: KUNA

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