KUWAIT CITY, Jan 31: Kuwait’s budget deficit in the fiscal year 2024/2025 is expected to hit KD 5.89 billion (USD 19.15 billion), down 13.5 percent compared to the current year, according to a draft budget bill released by the Ministry of Finance Tuesday. The budget, which starts April 1, 2024 and ends on March 31, 2025, forecasts KD 18.66 billion (USD 60.66 billion) in revenue, down 4.1 percent and KD 24.55 billion (USD 79.80 billion) in expenditure, down 6.6 percent versus the FY 2023/2024 budget ending on March 31st. It forecasts that the non-oil revenues would reach KD 2.42 billion (USD 7.87 billion), up 5.7 percent compared to the current year’s budget. It also estimates that salaries and subsidies would make up 79.4 percent of the total expenditure.

Meanwhile, capital expenditure would take 9.3 percent share of the total expenditure and other expenses would make up 11.3 percent. The 2024/2025 revenue projections are based on the assumption that Kuwait would produce 2.7 million barrels of crude oil a day and the average price of a barrel of the Kuwait crude would be USD 70. The budget bill will be reviewed by the National Assembly before passing it into a law and refer it to the cabinet and His Highness the Amir Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah for final approvals. (KUNA)