{"id":4377,"date":"2019-01-21T17:43:35","date_gmt":"2019-01-21T17:43:35","guid":{"rendered":"http:\/\/192.163.207.100\/~timesku1\/news\/?p=4377"},"modified":"2019-01-21T17:44:52","modified_gmt":"2019-01-21T17:44:52","slug":"kuwaits-2019-20-budget-deficit-to-hit-kd-7-7-billion-says-minister","status":"publish","type":"post","link":"https:\/\/timeskuwait.com\/news\/kuwaits-2019-20-budget-deficit-to-hit-kd-7-7-billion-says-minister\/","title":{"rendered":"Kuwait&#8217;s 2019-20 budget deficit to hit KD 7.7 billion, says minister"},"content":{"rendered":"<div>\n<div class=\"postedon\"><\/div>\n<\/div>\n<div class=\"imgcaption\">Kuwait&#8217;s estimated budget deficit for the 2019\/2020 fiscal year could soar to KD7.7 billion (US$25.3 billion), Finance Minister Dr. Nayef Al-Hajraf said on Monday. Kuwait plans to spend KD 22.5 billion (US$74 billion) in total expenditure for the fiscal year 2019\/2020, based on an average of US$55 per barrel of Kuwaiti crude oil, the minister told a press conference.<\/div>\n<div><\/div>\n<div class=\"description\">\n<p>Total revenues stand at KD 16.4 billion (US$ 54 billion), KD 14.5 billion (US$ 47.7 billion) of which are oil revenues, while non-oil revenues amount to KD 1.86 billion (US$ 6.1 billion). He clarified that wages and employee bonuses make up 71 percent of total expenditure, while capital spending accounts for 17 percent and 12 percent comes from other expenses.<\/p>\n<p>The estimated budget deficit of KD 7.7 billion (US$ 25.3 billion) takes into account revenue deductions worth 10 percent, which are earmarked for Kuwait&#8217;s Future Generation Fund, the minister revealed. Kuwait&#8217;s FY 2019-2020 budget indicates a break-even oil price range of US$ 75 to 80 per barrel, based on an average daily oil output of 2.8 million barrels.<\/p>\n<p>The budget has been designed to stimulate economic growth through maintaining capital expenditure levels of 17 percent, Al-Hajraf pointed out, suggesting a correlation between the completion of development projects and cutting unnecessary expenses. &#8220;We are firmly on the path towards fiscal reforms,&#8221; he emphasized, citing stricter measures dealing with government debt collection, including a settlement cost of KD 341.4 million (US$ 1.1 billion) for the next fiscal year. The Kuwaiti government has approved the FY 2019-2020 budget, focusing on more transparency and efficiency.<\/p>\n<\/div>\n<div class=\"clear\"><\/div>\n<div class=\"post-reply\" align=\"right\"><a href=\"http:\/\/timeskuwait.com\/Times_Kuwait-s-2019-20-budget-deficit-to-hit-KD-7-7-billion-says-minister#reply-form\">Share your views<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Kuwait&#8217;s estimated budget deficit for the 2019\/2020 fiscal year could soar to KD7.7 billion (US$25.3 billion), Finance Minister Dr. Nayef Al-Hajraf said on Monday. Kuwait plans to spend KD 22.5 billion (US$74 billion) in total expenditure for the fiscal year 2019\/2020, based on an average of US$55 per barrel of Kuwaiti crude oil, the minister [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4376,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,18],"tags":[],"class_list":["post-4377","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-local"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Kuwait&#039;s 2019-20 budget deficit to hit KD 7.7 billion, says minister - TimesKuwait<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/timeskuwait.com\/news\/kuwaits-2019-20-budget-deficit-to-hit-kd-7-7-billion-says-minister\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kuwait&#039;s 2019-20 budget deficit to hit KD 7.7 billion, says minister - TimesKuwait\" \/>\n<meta property=\"og:description\" content=\"Kuwait&#8217;s estimated budget deficit for the 2019\/2020 fiscal year could soar to KD7.7 billion (US$25.3 billion), Finance Minister Dr. Nayef Al-Hajraf said on Monday. Kuwait plans to spend KD 22.5 billion (US$74 billion) in total expenditure for the fiscal year 2019\/2020, based on an average of US$55 per barrel of Kuwaiti crude oil, the minister [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/timeskuwait.com\/news\/kuwaits-2019-20-budget-deficit-to-hit-kd-7-7-billion-says-minister\/\" \/>\n<meta property=\"og:site_name\" content=\"TimesKuwait\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/timeskuwait\" \/>\n<meta property=\"article:published_time\" content=\"2019-01-21T17:43:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-01-21T17:44:52+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/timeskuwait.com\/news\/wp-content\/uploads\/2019\/01\/7fe83b23-acc2-4d32-ac38-5795244711fe.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"398\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"TimesAdmin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@thetimesq8\" \/>\n<meta name=\"twitter:site\" content=\"@thetimesq8\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"TimesAdmin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/timeskuwait.com\\\/news\\\/kuwaits-2019-20-budget-deficit-to-hit-kd-7-7-billion-says-minister\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/timeskuwait.com\\\/news\\\/kuwaits-2019-20-budget-deficit-to-hit-kd-7-7-billion-says-minister\\\/\"},\"author\":{\"name\":\"TimesAdmin\",\"@id\":\"https:\\\/\\\/timeskuwait.com\\\/news\\\/#\\\/schema\\\/person\\\/1f7ebf5aeb4e2934be640ecead337f70\"},\"headline\":\"Kuwait&#8217;s 2019-20 budget deficit to hit KD 7.7 billion, says minister\",\"datePublished\":\"2019-01-21T17:43:35+00:00\",\"dateModified\":\"2019-01-21T17:44:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/timeskuwait.com\\\/news\\\/kuwaits-2019-20-budget-deficit-to-hit-kd-7-7-billion-says-minister\\\/\"},\"wordCount\":256,\"publisher\":{\"@id\":\"https:\\\/\\\/timeskuwait.com\\\/news\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/timeskuwait.com\\\/news\\\/kuwaits-2019-20-budget-deficit-to-hit-kd-7-7-billion-says-minister\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/timeskuwait.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/01\\\/7fe83b23-acc2-4d32-ac38-5795244711fe.jpg\",\"articleSection\":[\"Featured\",\"Local\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/timeskuwait.com\\\/news\\\/kuwaits-2019-20-budget-deficit-to-hit-kd-7-7-billion-says-minister\\\/\",\"url\":\"https:\\\/\\\/timeskuwait.com\\\/news\\\/kuwaits-2019-20-budget-deficit-to-hit-kd-7-7-billion-says-minister\\\/\",\"name\":\"Kuwait's 2019-20 budget deficit to hit KD 7.7 billion, says minister - 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