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Wednesday , September 30 2020

‘Budget deficit increases until end of fiscal year 2019/’20 to KD2.5 billion’

Before cutting share of future generations’ fund

KUWAIT CITY, Dec 30: The fiscal deficit recorded in the public budget increased from the beginning of the fiscal year 2019/2020 until the end of last November to 2.5 billion dinars, before deducting the share of the future generations’ fund, which is estimated at 10 percent of the total state revenue, reports Al-Rai daily.

The sources pointed out that the volume of revenues recorded by the public budget during the past eight months amounted to about 11.5 billion dinars, while the value of expenses for this period amounted to 14 billion, which means that the total deficit achieved with the share of the future generations reserve is calculated to be about 3.650 billion dinars.

It is clear, according to sources, that the fiscal deficit in the public budget has escalated during the past three months, when measured, in the corresponding period of last year, where it is clear that the deficit jumped from this period more than one billion dinars. The sources pointed out that the deficit achieved for the first eight months of the fiscal year 2019- 2020 multiplied 4 times, when compared to the deficit recorded in the first five months of the current fiscal year, during which the public budget recorded a deficit of 488.2 million dinars.

In the same context, the sources reported that the average price of a barrel of Kuwaiti oil recorded during the first eight months amounted to $64, explaining that despite the rise in Kuwait’s average price of selling its oil when measured in the corresponding period, this constituted an improvement in terms of the value of the barrel, but that growth was not matched by an improvement in revenue.

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