KUWAIT - Kuwait's parliament on Tuesday approved the Gulf state's budget for 2022-2023.

The budget, which had been delayed due to fresh parliamentary elections in September, includes spending of 23.5 billion dinars, revenues of 23.4 billion dinars, and a deficit of 124 million dinars, according to a parliamentary committee report seen by Reuters.

The budget is based on an oil price assumption of $80 a barrel. Kuwait's finance minister told parliament the surplus would be directed towards replenishing the state's general reserve fund.

(Reporting by Ahmed Hagagy; Editing by Kirsten Donovan)