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Kuwait expects capital spending of around 3.1 billion Kuwaiti dinars ($10 billion) in its 2026-2027 budget which assumed a much higher deficit.
The finance ministry, which presented the draft budget to the cabinet on Tuesday, said most of the capital allocations would be for the airport expansion, Mubarak Al-Kabeer port and water and power projects.
The ministry forecast a deficit of around KWD9.8 billion ($32 billion), nearly 55 percent higher than the previous budget shortfall.
The draft budget for the 2026-2037 fiscal year, which starts on 1 April, forecast revenues at KWD16.3 billion ($53.8 billion) and expenditure at KWD26.1 billion ($86 billion).
The ministry said the next budget is based on an average oil price of $57, far below the $68 price assumed in the 2025-2026 budget.
(Writing by N Saeed; Editing by Anoop Menon)
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