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Kuwait forecasts $30.4bn budget deficit for FY20/21

Kuwait forecasts $30.4bn budget deficit for FY20/21
Expenditures are projected to remain steady at KWD 22.5 billion

Mubasher: Kuwait expects a budget deficit of KWD 9.2 million ($30.4 billion) in the fiscal year 2020/2021 which will start in April, according to data revealed by the Ministry of Finance.

The estimated deficit is 11.2% higher than that expected for FY19/20, data showed on Tuesday.

Revenues are forecast to decline by 6.5% to KWD 14.8 billion for the upcoming fiscal year from those estimated for the current fiscal year.

In addition, expenditures are projected to remain steady at KWD 22.5 billion.

Salaries and subsidies account for about 71.3%, or KWD 16 billion, of total expenditures for the next fiscal year.