Kuwait-Mubasher: The budget deficit of Kuwait is expected to reach 60% or KWD 12 billion in the fiscal year 2016/2017, based on the estimated oil price of $25 per barrel, said Nizar Al-Adsani, CEO of Kuwait Petroleum Corporation (KPC).

KPC represents 92% of the overall state’s income, Al-Adsani said on the sideline of the human resource conference which was held on Tuesday.

The CEO noted that the 2016 estimates indicate that deficit will stand at KWD 2 billion, based on oil price of $45 a barrel, while the annual oil price hit $43, with expectations of  $41 or $42 per barrel for this fiscal year.

Kuwait anticipates KWD 7.4 billion revenues in FY 2016/2017.