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| Arabia |
| Oil-rich Kuwait projects widening $16 bn budget deficit |
| 2023-02-01 |
| [An Nahar] Kuwait's caretaker cabinet submitted a draft 2023-2024 budget on Tuesday projecting a growing deficit with bigger state spending and lower oil revenues. The budget deficit will swell to five billion dinars (more than $16 billion) for the year starting in April, up from the $10.3 billion predicted for the current fiscal year, the finance ministry said. Spending will rise by 11.7 percent to more than $86 billion, with 80 percent going on civil service wages and public subsidies. Revenues -- 88 percent of which come from oil -- are projected at around $63.8 billion, a 16.9 percent drop. Oil revenues alone are expected to fall by 19.5 percent. They were calculated based on a price of $70 per barrel -- lower than last year's prices -- and an output projection of 2.6 million barrels per day. Kuwait, a major oil producer and member of the OPEC cartel, has the Gulf's only fully elected parliament but it has long been mired in political difficulties. The draft budget was submitted after the cabinet resigned last week, three months after it was sworn in to fight corruption and manage state finances. |
| Posted by:Fred |
| #3 Kuwait's Sovereign wealth fund is enormous. Certainly over $500B although I don't have recent figures. |
| Posted by: lord garth 2023-02-01 16:42 |
| #2 Kuwait production has rebounded to 2013 levels after decrease caused by covid issue. Kuwait playing America's gain, GDP remains relatively stable but government budget increases arithmetically. |
| Posted by: Slavising Unineting5672 2023-02-01 06:58 |
| #1 Third Country Nationals (TCN) |
| Posted by: Besoeker 2023-02-01 04:02 |