The Kuwaiti government on Monday (January 30th) approved the 2017/2018 budget with a projected huge deficit for the third year running due to the sharp fall in oil prices, AFP reported.
Finance Minister Anas Al Saleh said the fiscal year's budget, which begins on April 1st, is projecting a shortfall of 6.6 billion dinars ($21.6 billion).
The deficit is 25% less than the projected shortfall in the current 2016/2017 fiscal year estimated at $29 billion, due to an improvement in oil prices.
Oil revenues are projected at $38.4 billion, up 36% on the estimated oil income in this year's budget, the minister said.
Despite the sharp slide in oil prices in the past three years, income from oil is still projected to make up 88% of Kuwait's total revenues, Saleh said.
