Kuwait spent only around a third of budgetary allocations for projects in the first 10 months of the current 2023-2024 fiscal year, according to official data.

In a report published on Thursday, the Kuwaiti Finance Ministry said capital expenditure was projected at around 2.4 billion Kuwaiti dinars ($7.92 billion) during 2023-2024 but actual capital spending stood at about KWD820 million ($2.7 billion) in the first 10 months of the fiscal year, nearly a third of the total project allocations.

Lower spending allowed the OPEC producer to slash the budget deficit to around KWD1.09 billion ($3.59 billion) during the first 10 months compared with a forecast 2023-2024 deficit of KWD6.8 billion ($22.44 billion).

The report showed actual revenues totalled KWD17.8 billion ($58.74 billion) in the first 10 months while expenditure stood at KWD18.8 billion ($62.04 billion).

For the fiscal year, which started on 1 April 2023, revenues were projected at KWD19.4 billion ($64.02 billion) and expenditure at KWD26.2 billion dinars ($86.46 billion).

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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