Kuwait Faces $18.33 Billion Deficit in Fiscal Year 2024-2025

Kuwait is expected to report a budget deficit of 5.6 billion dinars ($18.33 billion) for the 2024-2025 fiscal year. Government spending is projected to be 24.5 billion dinars while revenues are anticipated to be 18.9 billion dinars. The General Reserve Fund has dwindled significantly due to rising withdrawals.

Kuwait's budget is anticipated to register a deficit of 5.6 billion dinars ($18.33 billion) for the 2024-2025 fiscal year, according to the Ministry of Finance. Expenses are estimated at 24.5 billion dinars with revenues forecasted at 18.9 billion dinars.

Controlling budget growth is essential, with government spending needing to be stabilized at 24.5 billion dinars in the 2027-2028 budget. The liquidity of the General Reserve Fund, responsible for financing the budget deficit, has dramatically fallen to 2 billion dinars as of last March, from 33.6 billion ten years ago due to heightened withdrawals, the Ministry of Finance reported.

The exchange rate stands at $1 to 0.3055 Kuwaiti dinars.

(With inputs from agencies.)