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Kuwait estimates FY16/17 budget with KWD 12.2bn deficit

Kuwait estimates FY16/17 budget with KWD 12.2bn deficit
Kuwait's Minister of Finance Anas Al Saleh

By: Ahmed Awad

Kuwait-Mubasher: Kuwait estimated the state budget for the fiscal year 2016-2017 with a deficit of KWD 12.2 billion.

The budget features revenues of KWD 7.4 billion and spending of 18.9 billion, according to Kuwait’s Finance Minister Anas Al Saleh.

On the sidelines of a press conference on Thursday, Al Saleh added that oil revenues dropped 74.2% so oil revenues are projected to reach KWD 5.8 billion in the new budget.

Kuwait’s budget will be based on estimated oil price of $25 barrel.

Translated by: Julian Nabil