KUWAIT: Major oil producer Kuwait on Monday announced a state
budget for the year ending on March 31, 2020, projecting a 4.7
percent rise in spending to 22.5 billion dinars ($74.15 billion) to
drive economic growth.
The Kuwaiti Finance Minister Nayef al-Hajraf said he expected the
average oil price to range between $55 to $65 per barrel, higher
than the projected $50 a barrel in its last budget.
The budget deficit in the new fiscal year was projected at 7.7
billion dinars after accounting for a deposit of 10 percent of
total revenue into the sovereign wealth fund. The deficit was 2.1
percent lower than the 2018/2019 budget, according to the budget
statement. ($1 = 0.3034 Kuwaiti dinars)
Source: FS – All-News-Economy
Kuwait budget to boost spending to spur growth