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Kuwait’s project allocation during the 2022-2023 fiscal year shrank by nearly 18 percent compared with the previous fiscal year, according to official data.
Budgetary capital spending in the current fiscal year, which started on April 1, covered 129 projects with a combined value of nearly 1.3 billion Kuwaiti dinars ($4.29 billion), showed the figures by the Supreme Council for Planning and Development.
The report, published by the Kuwaiti Alanba newspaper on Tuesday, showed the 2021-2022 budget covered 138 projects with a value of 1.6 billion dinars ($5.28 billion).
The report said 17 of the 129 projects outlined in the 2022-2023 budget are new projects, some of which were launched in the first quarter of the fiscal year.
A total of 59 projects are under way while 55 projects are to be launched later and the rest are “in a preparation stage” the report said, adding that 14 projects in the current fiscal year cover construction.
(Writing by Nadim Kawach; Editing by Anoop Menon)
