Adnan Abdulsamad, head of the Kuwaiti parliamentary committee for budgets stated that Ministry of Finance officials were estimating budget spending at 19 billion dinars ($65.2 billion) in the next fiscal year 2015/2016.

Abdulsamad explained the estimated total public expenditures was based on the average in the last three years, which was KD19 billion, compared to general expenses estimated at KWD23.2 billion in the 2014/2015 budget with decrease of KWD4.2 billion.

Planned spending for the current fiscal year is KWD23.2 billion, according to the document obtained by Reuters.

Meanwhile, The estimates for the 2015/16 year considered that the government running a budget deficit of KWD2.8 billion , before deducting money for Kuwait’s Future Generations Fund (FGF), part of its sovereign wealth fund , added Abdulsamad.

Next fiscal year estimates assume an average oil price of $60 per barrel and Kuwaiti oil production of 2.7 million barrels per day, down from a price of $75 and production of 2.9 million bpd in the current fiscal year, Abdulsamad said.

Elaborated, Chairman of the Budget and Final Accounts Committee ruled-out any intention to exclude gasoline and electricity subsidies from the new budget.