Kuwait’s budget deficit increased by KWD 1.825 billion ($5.9 billion)

3203
Kuwait’s budget deficit increased by KWD 1.825 billion ($5.9 billion)

Kuwait’s budget deficit increased by KWD 1.825 billion ($5.9 billion)

Kuwait recorded a surplus worth KWD 1.193 billion over the first 11 months of fiscal year 2018/2019, after deducting the Future Generations Fund’s reserve, according to Ministry of Finance.

Kuwait’s expenditures and commitments surged by 8.17% on an annual basis to KWD 16 billion in the April-February period from KWD 14.7 billion, accounting for 71.1% of the KWD 22.5 billion expected for the full year 2019/2020.

The Gulf state’s total revenues decreased by 14.52% on an annual basis in the 11-month period to stand at KWD 15.75 billion as compared to KWD 18.43 billion, representing 99.6% of the KWD 15.81 billion estimated income for the full year 2019/2020.

The Kuwaiti fiscal year starts in April each year and ends on 31 March the following year.

Furthermore, Price of the Kuwaiti crude oil went down USD 1.83, reaching USD 34.29 pb Thursday against USD 36.12 pb the day before, Kuwait Petroleum Corporation (KPC) announced Friday 13th March 2020.

In global markets, Brent crude dropped seven percent Thursday after a travel ban to Europe was in place by US president Donald Trump due to the World Health Organization (WHO) declaration that the coronavirus epidemic has turned into a pandemic.