Economy Kuwait expects budget deficit of $18bn By Pramod Kumar July 4, 2024, 5:10 AM Kuna The trading floor of Boursa Kuwait. State revenues are projected at KD18.9 billion, down 2.8 percent from last year Kuwait expects to report a budget deficit of KD5.6 billion ($18.3 billion) for 2024-2025, finance minister Dr. Anwar Al-Mudhaf has said. Revenues are projected at KD18.9 billion, down 2.8 percent from last year, state-run Kuna news agency reported, quoting the minister. Expenditure will reach KD24.5 billion, a 6.6 percent decline from a year ago. NewsletterGet the Best of AGBI delivered straight to your inbox every week NewsletterGet the Best of AGBI delivered straight to your inbox every week Salaries and subsidies represent 78.8 percent of the state budget’s projected expenditures, with KD13.97 billion allocated to salaries and KD4 billion for subsidies. He stated that the country will continue to grant subsidies to needy individuals and companies, adding that financial sustainability is paramount to economic reforms. Companies in Kuwait hiring staff at record rate Kuwait opens wealth fund office in Saudi Arabia Opec+ output cuts weigh on Kuwait’s economic growth Kuwait recorded a deficit of KD33 billion over the last decade. “The gap was bridged by finances from the state reserves,” said Al-Mudhaf, estimating the deficit in the coming four years at KD26 billion. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
