Kuwait budget deficit for FY 2023-2024 to exceed KD 5 bln

Kuwait will likely post a budget deficit for the fiscal year 2023-2024 of more than KD five billion (USD 16.3 billion,) a finance ministry forecast showed on Tuesday, saying the figure takes into account profits of independent state bodies.

The ministry has submitted a draft budget to parliament, which includes the profits of independent state bodies, it said in a statement, citing a 19-percent increase in non-oil revenues after all figures tallied.

The breakeven price for Kuwaiti crude stands at USD 92 per barrel (pb), while the average price pb as featured in the budget is USD 70; down by USD 15 as compared to the price in the global market, it showed.

The budget’s estimated revenue is KD 19.4 billion (USD 62.2 billion), of which KD 17.1 billion (USD 56 billion) are oil-based, with non-oil revenues amounting to KD 2.2 billion (USD 7.2 billion). Total budget spending was shown to be at KD 26.2 billion (USD 85.7 billion), while the statement underlined long-term government plans of boosting non-oil revenues

Source: Kuwait News Agency