Kuwait hits budget deficit of KD 10.8 billion

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KUWAIT CITY, Aug 7: The Ministry of Finance said on Saturday the budget deficit hit KD 10.8 billion (nearly USD 35.5 billion) in the fiscal year ending March 31. The figure reflects an increase by 68 174.8 percent compared to last year, according to a ministry press release. Oil revenues in the last fiscal year stood at KD 8.790 billion (USD 28.9 billion); a 42.8-percent decline from the previous year, while non-oil revenues declined by 6.5 percent to KD 1.730 billion (some USD 5.6 billion). (KUNA)