Kuwait's Parliament on Wednesday approved the draft budget for 2023-24, which forecasts a fiscal deficit of 6.8 billion dinars ($22 billion).
Kuwait recorded a budget surplus of 6.368 billion dinars in the fiscal year that ended on March 31, its first in nine years, the Finance Ministry said last month, as oil revenue jumped almost 65 per cent on higher oil prices.
But Kuwait has had to comply with production cuts by the Opec+ producer group amid lower oil prices this year while making slow progress on diversifying revenue sources compared with its Gulf neighbours.
Deputy Speaker Mohammed Almotair said that legislators had approved the government's budget which had been discussed by the parliament’s budget and final account committee and is based on an assumed average oil price of $70 a barrel.
Total budget spending is projected at 26.3 billion dinars while total revenue is estimated at 19.5 billion dinars in the fiscal year, of which oil revenue is estimated at 17.2 billion dinars.
Deputies approved the budget with 47 votes in favour, 12 objections and two abstentions.
Speaking after the parliamentary session, acting Finance Minister Saad Al Barrak, who is also Oil Minister, told Reuters that there was no budget deficit in the first four months of the current fiscal year that began in April.
Kuwait holds some of the world's largest oil reserves and has strong fiscal and external balance sheets, but political and institutional gridlock has hampered investment and reforms aimed at reducing its heavy reliance on oil.
Among these is a long-awaited public debt law which would allow the government to tap global debt capital markets, but it has drawn opposition from MPs.
Stage 2 results
1 Caleb Ewan (AUS) Lotto Soudal 04:18:18
2 Sam Bennett (IRL) Deceuninck-QuickStep 00:00:02
3 Arnaud Demare (FRA) Groupama-FDJ 00:00:04
4 Diego Ulissi (ITA) UAE Team Emirates
5 Rick Zabel (GER) Israel Start-Up Nation
General Classification
1 Caleb Ewan (AUS) Lotto Soudal 07:47:19
2 Sam Bennett (IRL) Deceuninck-QuickStep 00:00:12
3 Arnaud Demare (FRA) Groupama-FDJ 00:00:16
4 Nikolai Cherkasov (RUS) Gazprom-Rusvelo 00:00:17
5 Alexey Lutsensko (KAZ) Astana Pro Team 00:00:19
Results
6.30pm: Mazrat Al Ruwayah – Group 2 (PA) $36,000 (Dirt) 1,600m, Winner: RB Money To Burn, Tadhg O’Shea (jockey), Eric Lemartinel (trainer)
7.05pm: Handicap (TB) $68,000 (Turf) 2,410m, Winner: Star Safari, William Buick, Charlie Appleby
7.40pm: Meydan Trophy – Conditions (TB) $50,000 (T) 1,900m, Winner: Secret Protector, William Buick, Charlie Appleby
8.15pm: Al Maktoum Challenge Round 2 - Group 2 (TB) $293,000 (D) 1,900m, Winner: Salute The Soldier, Adrie de Vries, Fawzi Nass
8.50pm: Al Rashidiya – Group 2 (TB) $163,000 (T) 1,800m, Winner: Zakouski, William Buick, Charlie Appleby
9.25pm: Handicap (TB) $65,000 (T) 1,000m, Winner: Motafaawit, Sam Hitchcock, Doug Watson
UJDA CHAMAN
Produced: Panorama Studios International
Directed: Abhishek Pathak
Cast: Sunny Singh, Maanvi Gagroo, Grusha Kapoor, Saurabh Shukla
Rating: 3.5 /5 stars
MATCH INFO
What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
UAE currency: the story behind the money in your pockets
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Killing of Qassem Suleimani
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UAE currency: the story behind the money in your pockets
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