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| Arabia |
| Kuwait Projects Record Deficit on Falling Oil Income |
| 2016-01-29 |
| [ALMANAR.LB] OPEC member Kuwait projected a record budget deficit for the fiscal year starting April 1 on the sliding price of oil, the finance ministry said on Thursday. The shortfall for the 2016-2017 fiscal year is estimated at 11.5 billion dinars ($38 billion) due to a sharp decline in oil revenues, the ministry said on its Twitter account. Spending was estimated at 18.9 billion dinars, just 1.6 percent lower than in the current year, the ministry said. Revenues were projected at 7.4 billion dinars, of which oil income is estimated at $19.1 billion or just 78 percent of the public revenues. In the past, income from oil contributed more than 94 percent of revenues in the Gulf emirate, before the decline in crude prices. Kuwait has projected a shortfall of $23 billion in the current fiscal year which ends March 31, the first deficit after 16 years of surplus. The Gulf state, which has a native population of just 1.3 million, has built around $600 billion in fiscal reserves in those years. |
| Posted by:Fred |
#5 Did the currency fluctuate from when the sentence started till when it ended?
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| Posted by: Sven the pelter 2016-01-29 14:43 |
| #4 "...Revenues were projected at 7.4 billion dinars, of which oil income is estimated at $19.1 billion or just 78 percent of the public revenue..." seems to be a math problem or translation problem |
| Posted by: lord garth 2016-01-29 14:40 |
| #3 Oh,, I'm sure the US govt. will offer to offset the deficit. |
| Posted by: chris 2016-01-29 07:58 |
| #2 I foresee the need for potential cutbacks in Filipino domestic staffing, falcon hunts, and desert camping. Who knows where this could end. |
| Posted by: Besoeker 2016-01-29 06:07 |
| #1 ...With $600B USD in reserves, I'm not too sad for the Kuwaitis. Mike |
| Posted by: Mike Kozlowski 2016-01-29 05:58 |