Kuwait's Draft Budget for Fiscal Year 2023-2024 Shows KD 6.8 Billion Deficit

A report in a local Kuwaiti newspaper indicated that a parliament member stated the draft budget for Kuwait's ministries and government departments for the fiscal year 2023-2024 estimates a deficit of KD 6.8 billion ($22.2 billion) due to falling oil prices and production. The Budget and Final Accounts Committee discussed the budget, noting that the state's financial condition is excellent and the budget deficit is merely a projection. According to Member of Parliament Osama Al-Zaid, the projected oil revenues for the year starting April 1 amount to KD 17 billion, representing a 19.5% decrease from the previous budget.