Kuwait – Mubasher: Kuwait’s general budget has recorded a deficit of KWD 83.55 million ($277.88 million) for the five-month period ended August, according to the country’s Ministry of Finance (MoF).

August alone recorded a deficit of KWD 49.9 million ($165.96 million), the MoF said in a statement.

The country had previously logged a deficit of KWD 33.61 million ($117.78 million) in the four months ended July.

The five-month deficit represents only 1.1% of Kuwait’s total estimated deficit for 2017 and amounting to KWD 7.9 billion, the MoF added.

Between April and August, Kuwait’s general revenues amounted to KWD 5.7 million, whereas expenses reached KWD 5.2 billion.

Kuwait’s fiscal year begins in April and ends 31 March.

Kuwait’s finance minister Anas Al Saleh previously said that the government’s forecasted revenues in the general budget were KWD 13.3 billion for the fiscal year 2017-2018, whereas its expenses were estimated at KWD 19.9 billion.

The Kuwaiti budget suffered a deficit for the first time in 16 years in the fiscal year 2015-2016 after the sharp drop in oil prices, which in turn negatively affect all countries whose revenues were dependent on oil. At the time, the deficit was estimated at KWD 5.9 billion.