Kuwait’s budget deficit decreases by 72% to US$9.7 billion in 2021-2022

Kuwait’s budget deficit decreases by 72% to US.7 billion in 2021-2022
Kuwait’s budget deficit decreases by 72% to US.7 billion in 2021-2022

Kuwait’s budget deficit decreases by 72% to US$9.7 billion in 2021-2022

Kuwait’s Ministry of Finance said today, Sunday, that the budget deficit for the 2021-2022 fiscal year totaled 2.99 billion Kuwaiti dinars ($9.71 billion), down 72.2% from a year earlier.

The ministry added that oil revenues increased by 84.5% to 16.22 billion dinars ($52.69 billion) in the 2021-2022 fiscal year.

The fiscal year in Kuwait ends in March.

It was Standard & Poor’sKuwait confirmed its long- and short-term sovereign rating in foreign and local currencies at A+ with a negative outlook.

“Standard & Poor’s” stated that the negative outlook for the rating reflects the risks over the next twelve to twenty-four months associated with the government’s ability to overcome institutional obstacles that prevent it from implementing a strategy to finance the implement budget deficits in the future .

The agency also expected that the average budget deficit in Kuwait would reach 12% of GDP by 2025.

The final accounts of the budget of Kuwait

Referred to as Fitch Solutions She expects Kuwait’s real GDP to grow 8% in 2022, the fastest growth rate since 2012, and growth to reach 4.6% in 2023, noting that this improvement is due to higher oil production and higher oil production is due to oil prices.

The agency pointed out that monetary policy will be tightened in the last four months of the year, although it expects the central bank of Kuwait to maintain the discount rate in 2023, and Kuwait’s current account surplus is likely to widen from 26, 9% will increase. of GDP in 2021 to 28.7% over the course of 2022 due to the increase in oil exports.


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