Kuwait government spent KD 1.5bn on economic projects in 9 months

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KUWAIT CITY, March 4: Ministry of Finance data revealed that the government spent about 1.5 billion dinars on projects and economic affairs during the first 9 months of the 2023-2024 fiscal year, representing 52.5% of the total 2023-2024 budget allocations for those projects, which amounted to 2.9 billion dinars, leaving about 1.1 billion dinars of the approved amount remaining. The data showed that expenditures made on various development projects amounted to 1.9 million dinars, representing 32.2% of the estimated expenditures, while the government spent about 10.1 million dinars in economic aid to foreign parties, representing 9.2% of the appropriations estimated at approximately 110.2 million dinars. The government’s expenditures on the oil and gas sector during the first 9 months of the fiscal year 2023-2024 amounted to about 688.7 million dinars, or 82.4% of the total cost estimated at 835.5 million dinars, while expenditures on the electricity sector amounted to about 258.3 million dinars, or 40% of the estimated amount. About 639 million dinars, while about 947 million dinars were spent on fuel and energy, representing 63.9% of the total estimated 1.4 billion dinars.

Government expenditures on street lighting amounted to about 721.8 thousand dinars, or 90.2% of the amount estimated at 800 thousand dinars. The data showed that the government collected 333.8 thousand dinars in revenue from taxes and fees, at a rate of 64.4% of the total estimated revenues, while the revenues collected from the disposal of non-operating assets amounted to 4.3 million dinars, at a rate of 4.6% of the estimated value of 95 million dinars.

The data revealed that the Ministry Finance was able to collect about 131.5 million dinars in revenue during the 9 months, representing 39.4% of the total estimated revenues amounting to 160 million dinars. The data showed that the state’s general budget achieved revenues amounting to 15.44 billion dinars in the first 9 months of the current fiscal year 2023/2024, while the total expenditures and commitments of the state during the same period amounted to about 17.17 billion dinars, which resulted in a deficit of 1.72 billion dinars.

By Mahmoud Shendi
Al-Seyassah/Arab Times Staff

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