Kuwait reported a budget deficit during the first eight months of fiscal year 2019/2020, pressured by declining revenues after transferring the future generations’ reserve, according to a statement by the Ministry of Finance on Sunday.

The country saw a KWD 1.831 billion ($ 6.047 billion) budget deficit during the first eight months of the current fiscal year, after deducting the future generations’ reserve, against a surplus of KWD 2.303 billion ($7.606 billion) in the corresponding year of fiscal year 2018/2019.

It is noteworthy that the Kuwaiti fiscal year begins on 1 April and ends in March.

Meanwhile, Kuwait has transferred KWD 1.146 billion, representing 10% of actual revenues, to the future generations’ reserve, down by 18.84% from KWD 1.412 billion in the first eight months of fiscal year 2018/2019, the statement referred.

During the first eight months of the current fiscal year, Kuwait’s revenues have amounted to KWD 11.465 billion or 72.5% of the total KWD 15.812 billion revenues estimated for 2019.

Kuwait’s revenues have reported an 18.81% year-on-year (YoY) decline during the eight months from their levels in the same period in fiscal year 2018/2019 at a total value of KWD 14.122 billion. Furthermore, Kuwait’s total expenditures and commitments have reached KWD 12.149 billion in eight months this year, or 54% of the projected spending of KWD 22.500 billion for the fiscal year 2020/2019.

Annually, Kuwait’s expenditures have increased by 16.74%, compared to KWD 10.407 billion levels during the first eight months of fiscal year 2018/2019. Kuwaiti Ministry of Finance expected to record a KWD 5.27 billion budget deficit for fiscal year 2019/2020 and achieve KWD 15.81 billion revenue, against KWD 22.50 billion expenditures

Source: Mubasher

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