Kuwait’s deficit up to USD3.62b in Apr.-Aug.

23 Sep 2015

(MENAFN) Kuwait’s budget deficit in the first five months of its fiscal year stood at USD3.62 billion after a deduction for the Future Generations Fund, the finance ministry said.

The deficit from April to August stood at USD1.19 billion before the 10 percent contribution of USD2.42 billion to the Future Generations Fund, part of Kuwait’s sovereign wealth fund.

Finance minister Anas al-Saleh told reporters on September 15 that Kuwait plans to issue bonds in local currency by the end of the year to help bridge its budget deficit.

Kuwait’s parliament in July approved a state budget for the current 2015-16 fiscal year, which begins on April 1, that envisages a budget deficit of USD27.03 billion because of low oil prices.

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