Kuwait says government spending must be fixed to control budget growth

Kuwait’s budget is projected to show a deficit of 5.6 billion dinars ($18.33 billion) for the 2024-2025 fiscal year, the Kuwait News Agency reported on Sunday citing the Ministry of Finance.

Its statement added expenses were estimated at 24.5 billion dinars and revenues at 18.9 billion dinars.

Government spending must be fixed at 24.5 billion Kuwaiti dinars in the 2027-2028 budget to control budget growth, the ministry also said.

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, it added.