Kuwait says government spending must be fixed to control budget growth
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FILE PHOTO: A general view of Kuwait City November 10, 2012. Picture taken November 10. REUTERS/Stephanie Mcgehee/File Photo
Kuwait (Reuters) -Kuwait's budget is projected to show a deficit of 5.6 billion dinars ($18.33 billion) for the 2024-2025 fiscal year, with expenses estimated at 24.5 billion dinars and revenues at 18.9 billion dinars, the Ministry of Finance announced on Sunday.
Government spending must be fixed at 24.5 billion Kuwaiti dinars in the 2027-2028 budget to control budget growth, it added.
The liquidity of the General Reserve Fund, from which the budget deficit is financed, decreased to 2 billion dinars last March from 33.6 billion ten years ago due to increasing withdrawals, the Ministry of Finance said.
($1 = 0.3055 Kuwaiti dinars)
(Reporting by Ahmed Hagagy; Editing by Jan Harvey)
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