Kuwait recorded an actual financial deficit of 1.6 billion dinars (5.23 billion dollars) in the fiscal year 2023-2024, compared to a surplus of 6.4 billion dinars in the previous fiscal year. The Kuwaiti Ministry of Finance stated in a statement on Wednesday that the total revenues of Kuwait amounted to 23.645 billion dinars in fiscal year 2023-2024, down from 28.802 billion in the previous year. Total expenditures reached 25.206 billion dinars in fiscal year 2023-2024, compared to 22.370 billion in the year 2022-2023. This data represents the final accounts of the state's financial administration for the fiscal year ending on March 31, following its approval by the Cabinet, and does not include the state's financial position or reserves or revenues from the Future Generations Fund. The Gulf state was forced to abide by production cuts implemented by the OPEC+ group amid declining oil prices this year while making slow progress in diversifying its revenue sources compared to its Gulf neighbors.
Kuwait Records a Financial Deficit in 2023-2024
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