Kuwait lawmakers pass deficit budget for fourth year | 2018-07-02 | daily-sun.com

Kuwait lawmakers pass deficit budget for fourth year

    2 July, 2018 12:00 AM printer

DUBAI: Kuwait’s parliament on Wednesday passed the budget for the 2018-2019 fiscal year, projecting a huge deficit for the fourth year in a row amid a shrinking economy.

The shortfall for the accounting year, which began in Kuwait on April 1, is estimated at more than $21 billion (18 billion euros) — about 17.5 per cent of the Opec member’s gross domestic product, report Agencies.

Several MPs in the Gulf country accused the government during debate of not doing enough to “stop the squandering” of public funds and failing to implement reforms.

The actual deficit may turn out to be lower than forecast if oil prices rise, with crude currently calculated at about $50 a barrel, $25 below market prices.


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