Economy
Kuwait 2018/19 Budget Gap Narrows to $11 Billion on Higher Oil

(Bloomberg) — Kuwait’s budget deficit narrowed to 3.35 billion dinars ($11 billion) in the last fiscal year, down 31% from a year earlier on higher-than-anticipated crude prices and a rise in non-oil revenue, the Finance Ministry said.
Read: Oman Seeks to Raise $6 Billion for Aviation Industry Expansion
Revenue in the year ended March 31 rose to 20.56 billion dinars, while spending increased 13.5% to 21.85 billion dinars, the ministry said in a statement. Non-oil revenue jumped 24% to 2.13 billion dinars.
Kuwait Budget Highlights:
- Non-oil revenue grew for the second consecutive year, capital expenditure remained 14% and is expected to reach 17% during the current fiscal year to stimulate economic growth, Finance Minister Nayef Al-Hajraf said
- Oil revenue rose 29% to 18.4 billion dinars
- Wages and subsidies accounted for 75% of all spending
- By law 10% of revenue is transferred to the Future Generation Fund, managed by the Kuwait Investment Authority
- Budget gap will be financed by withdrawals from the state’s treasury
- Shortfall last year is Kuwait’s fifth consecutive deficit
- NOTE: Kuwait’s Parliament Approves Amended Budget With Wider Deficit
Read more:
https://www.businessliveme.com/economy/banking-finance/omans-banking-finance-sector-outlook/
-
News3 weeks ago
Offer Price, Overview, Investors: Here’s Everything You Need to Know About Asyad Shipping’s Mega IPO
-
OER Magazines1 month ago
OER, January 2025
-
Alamaliktistaad Magazines1 month ago
Al-iktisaad, January 2025
-
Automotive4 weeks ago
[REVIEW] A Legend Reinvented: The Nissan Patrol Y63 Blends Heritage with Modern Mastery
-
Banking & Finance1 month ago
Ishraq Waqf Investment Fund Announces Extension of IPO Subscription Deadline
-
Energy3 weeks ago
Dubai Supreme Council of Energy Unveils 5th Emirates Energy Award 2023–2025 in Muscat
-
Manufacturing1 month ago
JSIS Promotes Steel Slag for Sustainable Construction Practices
-
Banking & Finance2 months ago
Bank Muscat’s 2024 Net Profit Grows To RO225.58Mn
You must be logged in to post a comment Login