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Economy

Kuwait draft budget predicts narrower deficit for fiscal 2021/22

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Kuwait's finance ministry has proposed a draft 23.05 billion dinar ($76.2 billion) budget for the fiscal year starting on April 1, it said in a statement on Monday.

The budget forecasts government revenues of 10.9 billion dinars in fiscal 2021/2022, meaning it expects a fiscal deficit of 12.1 billion dinars - 13.8 percent narrower than the deficit budgeted for the fiscal year ending on March 31.

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Last September, Kuwait cut 945 million dinars ($3.09 billion) in expenditure from its budget for the 2020/2021 fiscal year, the head of a parliamentary committee said at the time, adding workers’ rights, benefits and subsidies would not be affected.

The Gulf country is seeking to save money while facing a deficit of 14 billion dinars this fiscal year, which began on April 1, amid the twin shock of the oil price crash and coronavirus pandemic.

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