Written by: Ahmed Awad

Kuwait, oil rich Gulf state, will run a budget deficit of KWD8.2 billion in FY15/16 budget, Kuwaiti Finance Minister Anas al-Saleh said.

Al-Saleh, who was quoted by Mubasher, revealed that Kuwait eyes growth rate of 3.5% for 2015/2016 compared to 1.7% for 2014 according to international institution’s estimates.

Planned revenues for 2015/2016 budget is assumed at KWD12.52 billion, while spending is set to stand at KWD19 billion, added al-Saleh.

Estimates for Kuwait's FY16 budget deficit of KWD8.2 billion has been set after deducting amount of KWD1.2 billion for Kuwait's Future Generations Fund (FGF), part of its sovereign wealth fund , noted al-Saleh .

In related development, the finance minister revealed that Kuwait's upcoming state budget 2015-2016 will be based on hypothetical price of oil in the range of $45 per barrel.

Translated by: Shaimaa ELSarky