Kuwait may record $10.5bln deficit in 2023-2024

Kuwait may record $10.5bln deficit in 2023-2024

Kuwait could suffer from a budget deficit of around 3.187 billion uwaiti dinars ($10.5 billion) in the current fiscal year despite high oil prices, according to a Kuwaiti think-tank. Oil prices in January and the previous months have remained above the average price assumed by the OPEC member of around $70 a barrel, Al-Shal Centre said in a report. The report, published at the weekend, projected Kuwait’s oil export earnings at nearly KWD20.79 billion ($68.6 billion) during the 2023-2024 fiscal year, which started on 1 April last year and ends on 31 March this year. The report said the earnings are far above the forecast oil revenues of around KWD17.169 billion ($56.65 billion), adding that the Gulf country’s non-oil revenues are projected at around KWD2.298 billion ($7.583 billion). This means total revenues are forecast at nearly KWD23.091 billion ($76.2 billion), the report said, adding that spending is higher at KWD26.279 billion ($86.72 billion) resulting in a shortfall of around KWD3.187 billion. “…the shortfall remains dependent on the oil earnings and how much the government will be able to save in the planned expenditure,” it added. (Writing by Nadim Kawach; Editing by Anoop Menon) ([email protected]) Subscribe to our Projects' PULSE newsletter that