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FinancialNews
08-08-21
Kuwait’s budget deficit increases 174.8 percent in 2020
(MENAFN)According to the finance ministry, Kuwait’s budget deficit increased 174.8 percent in the last financial year to 10.8 billion dinars (USD35.5 billion).
State news agency KUNA quoted the ministry as saying that revenue dropped 38.9 percent to 10.5 billion dinars in the 12 months to March 31, as expenditure rose 0.7 percent to 21.3 billion dinars.
The data comes after a challenging time for the country in which parliament has repeatedly did not succeed to approve a 2021-22 budget as the Coronavirus pandemic reduced income.
Kuwait’s parliament eventually confirmed the 2021-22 state budgets in June that aimed for 23.05 billion dinars in expenditure and a shortfall of 12.1 billion dinars.
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