Kuwait budget to boost spending to spur growth

Kuwaiti Finance Minister Nayef al-Hajraf said he expected the average oil price to range between $55 to $65 per barrel

  
Kuwait waterfront.

Kuwait waterfront.

Getty Images/Tamer Gad

KUWAIT- Major oil producer Kuwait on Monday announced a state budget for the year ending on March 31, 2020, projecting a 4.7 percent rise in spending to 22.5 billion dinars ($74.15 billion) to drive economic growth.

The Kuwaiti Finance Minister Nayef al-Hajraf said he expected the average oil price to range between $55 to $65 per barrel, higher than the projected $50 a barrel in its last budget.

The budget deficit in the new fiscal year was projected at 7.7 billion dinars after accounting for a deposit of 10 percent of total revenue into the sovereign wealth fund. The deficit was 2.1 percent lower than the 2018/2019 budget, according to the budget statement. ($1 = 0.3034 Kuwaiti dinars)

(Reporting by Ahmed Hagagy; Writing by Saeed Azhar; Editing by Jon Boyle) ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: saeed.azhar.reuters.com@reuters.net))

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