KUWAIT CITY, Nov 17: The state budget in the first seven months of the current fiscal year (2019/2020) recorded a deficit of KD 1.7 billion after deducting the share of reserves for future generations, which witnessed a decline of 192 percent compared to the corresponding period of the last fiscal year (2018/2019) when the general budget recorded a surplus of KD 1.9 billion, reports Al-Rai daily.
Total revenues generated in the period from April to the end of last October dropped by 16.4 percent to reach KD 10.13 billion with a difference of 1.99 billion dinars compared to KD 12.12 billion in revenues recorded within the first seven months of fiscal year 2018/2019.
The total expenses and commitment in the first seven months of this year increased by 21 percent (1.87 billion dinars) to reach KD 10.878 billion compared to KD 9 billion spent in the same period last year. Also, the amount transferred to the Reserve Fund for Future Generations decreased in the first seven months of the current fiscal year increased by KD 200 million or 16.4 percent to reach KD 1.01 billion instead of KD 1.212 billion transferred to the Fund during the same period last year.
In terms of revenues, the state collected KD 9.25 billion in the first seven months of the current fiscal year 2019/2020, which accounted for 66.7 percent of the estimated full-year revenues of KD 13.8 billion, while it collected KD 337.78 million in tax and duty revenues, which accounted for 58.6 percent of the estimated revenues in the budget of KD 575.89 million.
The state also received about 45.2 percent of the estimated non-oil revenues in the budget during the seven months valued at KD 881.6 million compared to KD1.948 billion dinars estimated for the full fiscal year.
In terms of disbursement, the government spent about 48.3 percent of its financial allocations valued at 10.878 billion compared to the estimated expenses of KD 22.5 billion for the whole year. The proportion of government expenditure amounted to 52.1 percent (10.01 billion dinars) compared to KD 19.228 billion dinars estimated in the bu