Kuwait expects to spend around 2.29 billion Kuwaiti dinars ($7.5 billion) on projects and other sectors in its 2024-2025 budget starting on 1 April, according to the Finance Ministry.

In its draft 2024-2025 budget presented to the cabinet on Tuesday, the Ministry forecast a deficit of KWD5.89 billion ($19.14 billion).

According to the draft budget, to be presented to Parliament for endorsement, revenues are projected at KWD18.6 billion ($61.38 billion), including nearly KWD16.23 billion ($53.56 billion) from hydrocarbon exports.

The Finance Ministry report showed revenues were based on an average oil price of $70 a barrel during fiscal 2024-2025, which ends on 31 March.

Spending was projected at KWD24.5 billion ($80.85 billion), according to the report, which expected the deficit to be nearly 13.5 percent lower than the 2023-2024 shortfall.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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