KUWAIT’S draft budget for 2023-2024 estimates a deficit of 6.8 billion dinars ($22.2bn), hit by lower oil prices and volumes, a local paper reported, citing a member of parliament.
The draft budget for the year from April 1 estimates oil revenue of 17bn dinars, down 19.5 per cent from 2022-2023, according to the report by Al Dustor shared by parliament’s Twitter account, citing MP Osama Al Zaid.
The draft budget was based on an oil price of $70 a barrel, Al Zaid told Al Dustor. Kuwait has had to comply with production cuts by the Opec+ producer group com- prising the Organisation of the Petroleum Exporting Countries (Opec) and allies led by Russia while making slow progress on diversifying revenue sources compared with its Gulf neighbours.
Non-oil revenue was expected at 2.2bn dinars, up 10pc year on year, while expendi- ture was projected to rise by 11.7pc to 26.2bn dinars, the report said.