The Kuwaiti Finance Ministry yesterday announced a package of new measures to monitor the expenditure budget for 2016-17 which begins in April due to the continuing decline in oil prices.
In a statement released yesterday, the ministry said that it had informed government ministries and agencies that, in the light of the decline in global oil prices, all government agencies should set their financial priorities for the financial year 2016/2017 without prejudice to the public services they provide.
According to the statement, the ministry requested all government agencies to take into account that the budget for the fiscal year 2016/2017 does not exceed the expenditure ceiling of the current financial year 2015/2016.
Kuwait’s total revenues for the current fiscal year is expected to reach 12.052 billion dinars ($39.9 billion), 10.598 billion dinars ($35.1 billion) in oil revenues which amounts to 88 per cent of the country’s income and about 1.453 billion dinars ($4.8 billion) in non-oil revenues, with total estimated expenditures of 19.073 billion dinars ($63.2 billion).
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