Kuwaiti MP Osama Al-Zaid indicated that the budget project for the ministries and governmental departments in Kuwait for the fiscal year 2023-2024 is estimated to have a deficit of 6.8 billion dinars (22.2 billion dollars) due to declining oil prices and production. The Budget and Final Accounts Committee discussed the budget, stating that the financial condition of the state is excellent, and the budget deficit is an estimate.
According to a report by Al-Dustour newspaper, which cited Al-Zaid's account on Twitter, the budget project for the year starting on April 1 estimates oil revenues at 17 billion dinars, a decrease of 19.5% compared to the previous budget. Al-Zaid explained to Al-Dustour that the budget project is "based on estimates considering the oil selling price at 70 dollars."
Kuwait has had to comply with the production cut decision announced by the OPEC+ coalition, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, while it is progressing slowly in diversifying its revenue sources compared to its Gulf neighbors.
The report predicts that non-oil revenues will reach 2.2 billion dinars, an increase of ten percent year on year, alongside an 11.7 percent rise in expenditures to 26.2 billion dinars.
