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Kuwait’s budget deficit decreased at the end of December

Kuwait's budget

Kuwait, (Business News Report) – Kuwait’s budget deficit decreased in the first nine months of the fiscal year, until the end of December.

The Kuwaiti Ministry of Finance said that Kuwait’s budget recorded a deficit of 682.4 million dinars ($2.26 billion) in the first nine months.

According to Kuwaiti Finance Ministry data, this is less than the deficit recorded in the same period last year, which amounted to 5.3 billion Kuwaiti dinars ($17.5 billion).

Kuwait’s budget

The data also indicated that oil revenues amounted to 11.5 billion dinars ($38 billion) during the same period, as the budget received support from the rise in oil prices during 2021.

Standard & Poor’s had kept Kuwait’s rating at A+ with a negative outlook, warning of the possibility of reducing the rating if the mechanisms for paying the budget deficit were not addressed, enhancing the liquidity of the general reserve and implementing required economic reforms.

The Institute of International Finance had expected the Kuwaiti economy to grow by 4% in 2022, supported by the recovery of oil production and the expected economic reforms in the country.

Oil revenue

Oil revenues during the first nine months of the year achieved a growth of 26 percent compared to the estimated revenues for the whole year. This brings the percentage of oil revenues collected by the end of December to 126 percent, with a value of 11.47 billion dinars. This is compared to 9.12 billion estimated for the current fiscal year as a whole, according to the Kuwaiti newspaper Al-Anbaa.

The state’s public revenues increased during the first nine months of the current fiscal year by 88%, with a value of 6 billion dinars, to reach at the end of December 2021 a value of 12.98 billion dinars, compared to 6.9 billion dinars for the same period last fiscal year.

The volume of expenditure and commitment during the first nine months of the current fiscal year increased by 11%, with a value of 1.36 billion dinars, to reach at the end of December about 13.66 billion dinars, compared with 12.3 billion dinars for the same period last year.

The percentage of collection of total actual to estimated revenues during the fiscal year amounted to about 119%, an increase of 2 billion to reach 12.98 billion dinars at the end of December, compared to 10.9 billion estimated for the entire fiscal year.

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