The Ministry of Finance said Monday, that the expected deficit for the fiscal year 2021-2022 is estimated at KD 12.1 billion (around US$39 billion), down 13.8 percent from the current budget, which ends on March 31. In a press release on the country’s budget, the ministry noted that total expenditures for the next fiscal year are estimated at KD 23 billion (about US$75 billion) is based on an average price estimated at USD 45 per barrel of Kuwaiti oil.
The ministry added that the total expected revenues during the 2021-2022 budget are estimated at KD 10.9 billion (about US$ 33 billion), of which about KD 9.12 billion dinars (US$29.7 billion dollars) are oil revenues, 62 percent higher than the current budget, which ends on March 31, while Non-oil revenues amounted to KD 1.8 billion (about US$ 5.9 billion).
Meanwhile, the ministry has quoted Finance Minister Khalifa M. Hamada as saying “the country’s balance sheet is exceptionally strong, bolstered by our Future Generations Fund and one of the lowest debt to GDP ratios in the world. However, the State’s budget is not immune to the global challenges brought on by the Covid-19 pandemic and lower oil prices. We are in a transitional phase that requires concerted efforts for economic recovery and growth,” Hamada said.
“However, the cabinet is committed to implementing its development projects, with capital expenditures amounting to KD3.9 billion, an increase of 20 percent from the current budget. We look forward to more cooperation and collaboration with Kuwait’s Parliament to introduce and amend more laws that will benefit and improve our fiscal framework, and to empower Kuwait’s economy,” Hamada added.
