Kuwait Aims to Fix Government Spending and Boost Non-Oil Revenues

Kuwait's finance ministry has announced that government spending will be capped at 24.5 billion Kuwaiti dinars ($80.19 billion) in the 2027-2028 budget. Additionally, non-oil revenues are targeted to double to 4 billion Kuwaiti dinars in the same period as part of efforts to reduce reliance on oil revenues.

Kuwait's finance ministry has announced a cap on government spending, setting a target of 24.5 billion Kuwaiti dinars ($80.19 billion) for the 2027-2028 budget. This move aims to control budget growth amid financial challenges.

The ministry also highlighted the need to double non-oil revenues to 4 billion Kuwaiti dinars within the same timeframe. This strategic shift is designed to lessen the country's heavy dependence on oil revenues.

The announcement forms part of a broader economic strategy to ensure financial stability and sustainable growth for Kuwait. ($1 = 0.3055 Kuwaiti dinars)

(With inputs from agencies.)