Budget deficit for fiscal year 2021-22 that ends on 31 March is set to narrow significantly from what was estimated earlier, due to the sharp rise in international oil prices since then.
Latest figures show that during the eleven months of the current fiscal year, budget deficit dropped to around KD402 million, with total collected revenues amounting to KD15.98 billion, while expenses and commitments accounted for KD16.38 billion.
The drop in deficit is also more than 93 percent less than the deficit during the corresponding period in the last fiscal, when it amounted to nearly KD6 billion.
The primary reason for this sharp fall in the deficit is attributed to the increase in oil revenues, which went up by KD5.1 billion to total KD14.3 billion, compared to the budgeted estimate of KD9.2 billion.
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