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Kuwait says government spending must be fixed to control budget growth

July 15, 2024 at 2:28 pm

A view of Kuwaiti buildings are illuminated in the colours of the national flag on prepares Kuwait’s 62nd Independence Day and 31st anniversary of its foundation in Kuwait City, Kuwait on February 20, 2023 [Jaber Abdulkhaleg / Anadolu Agency]

Kuwait’s budget is projected to show a deficit of 5.6 billion Kuwaiti dinars ($18.33bn) for the 2024-2025 fiscal year, Reuters has reported. Expenses are estimated at 24.5bn dinars and revenues at 18.9bn, the Ministry of Finance announced on Sunday.

Government spending must be fixed at 24.5 bn dinars in the 2027-2028 budget to control budget growth, it added.

The liquidity of the General Reserve Fund, from which the budget deficit is financed, decreased to two billion dinars last March from 33.6bn ten years ago due to increasing withdrawals, said the ministry.

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