Kuwaits budget deficit up $5.9bln in 11 months

Kuwait’s budget deficit increased by KWD 1.825 billion ($5.9 billion) over the 11-month period ended on 29 February 2020, after transferring the Future Generations Fund’s reserve, which represents 10% of the country’s total revenues.

The country recorded a surplus worth KWD 1.193 billion over the first 11 months of fiscal year 2018/2019, after deducting the Future Generations Fund’s reserve, according to recent data by the Ministry of Finance.

Moreover, about KWD 1.575 billion was transferred to the Future Generations Fund’s reserve during the April-February period of FY 2018/19, down by 14.45% when compared to KWD 1.843 billion in the same period a year earlier.

The Gulf state’s total revenues decreased by 14.52% on an annual basis in the 11-month period to stand at KWD 15.75 billion as compared to KWD 18.43 billion, representing 99.6% of the KWD 15.81 billion estimated income for the full year 2019/2020.

Furthermore, Kuwait’s expenditures and commitments surged by 8.17% on an annual basis to KWD 16 billion in the April-February period from KWD 14.7 billion, accounting for 71.1% of the KWD 22.5 billion expected for the full year 2019/2020.

The Kuwaiti fiscal year starts in April each year and ends on 31 March the following year.