Kuwait’s parliament approves the 2022-2023 budget with a deficit of 124 million dinars

Today, Tuesday, Kuwait’s National Assembly approved the state budget 2022-2023 with a deficit of 124 million dinars.

The budget, postponed due to parliamentary elections held in September, foresees expenses of 23.5 billion dinars and revenues of 23.4 billion dollars, according to a report by the parliamentary committee.

The budget it is based on an estimate of the oil price of 80 dollars per barrel.

The Minister of Finance informed Parliament that the surplus would be used to replenish the State General Reserve Fund.

Previous estimates announced by the government in January indicated that revenues would amount to 18.818 billion dinars, expenses 21.949 billion dinars and a deficit of 3.13 billion dinars.

Finance Minister Abdulwahab Al-Rasheed stressed during his speech at the budget approval session that “the road to reform is long and requires cooperation”.

He said: We have dealt in the budget most of the comments received and we are committed to address the rest of the comments, as we have added holiday allowances, prime files, the South Saad Al-Abdullah city project and construction support, and we increased feed subsidies as we reversed the next government work schedule, noting that the schedule is 4 years, which means that we need four budget to reflect the program.

And he indicated that the problem of inflation is much greater than the reward of classes and the sale of holidays … Behind the inflation there is an external part, like the Crown crisis and the Ukrainian-Russian war, and the internal monopoly imbalances and land scarcity.

He continued: Inflation in Kuwait is 4.2%, more than the media of the Gulf countries, indicating that the citizen spends 33% of his income on housing, and this is due to the scarcity of land where the company grows, but the geographic location does not grow, and therefore our approach is to free state lands.

Read More About: Business News