KUWAIT, Jan 21 (Reuters) - Major oil producer Kuwait on Monday announced a state budget for the year ending on March 31, 2020, projecting a 4.7 percent rise in spending to 22.5 billion dinars ($74.15 billion) to drive economic growth.
The Kuwaiti Finance Minister Nayef al-Hajraf said he expected the average oil price to range between $55 to $65 per barrel, higher than the projected $50 a barrel in its last budget.
The budget deficit in the new fiscal year was projected at 7.7 billion dinars after accounting for a deposit of 10 percent of total revenue into the sovereign wealth fund. The deficit was 2.1 percent lower than the 2018/2019 budget, according to the budget statement. ($1 = 0.3034 Kuwaiti dinars) (Reporting by Ahmed Hagagy; Writing by Saeed Azhar; Editing by Jon Boyle)