– The Ministry of Finance said Saturday the budget deficit hit KD 10.8 billion (nearly USD 35.5 billion) in the fiscal year ending March 31.
The figure reflects an increase by 68 174.8 percent compared to last year, according to a ministry press release.
Oil revenues in the last fiscal year stood at KD 8.790 billion (USD 28.9 billion); a 42.8-percent decline from the previous year, while non-oil revenues declined by 6.5 percent to KD 1.730 billion (some USD 5.6 billion).
The expenditures on salaries and subsidies accounted for 73 percent of the aggregate expenditure, noted the release.
Commenting on the figures, Minister of Finance, Minister of State for Economic and Investment Affairs Khalifa Hamada said FY 2020-2021’s deficit is the “highest in Kuwait’s budgetary history

Source: Kuwait News Agency