January 30, 2017 / 6:18 PM / 3 years ago

Kuwait projects $25.9 billion budget deficit next fiscal year

KUWAIT, Jan 30 (Reuters) - Kuwait’s government projects a budget deficit of 7.9 billion dinars ($25.9 billion) in the new fiscal year starting on April 1, finance minister Anas al-Saleh said on Monday.

That forecast is after a contribution of 10 percent of revenues to the sovereign wealth fund, and conservatively assumes an average oil price during the year of $45 a barrel, Saleh said in a briefing on the government’s economic plans. Brent crude oil is currently around $55 a barrel.

Spending is projected at 19.9 billion dinars next fiscal year and revenues at 13.3 billion dinars. (Reporting by Hadeel Al Sayegh; Writing by Andrew Torchia)

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