Kuwait to Boost Spending As Budget Deficit Hits KD 7.7Bn Hajraf Vows Fiscal Reforms • Oil Seen at $55 Per Barrel • Non-Oil Revenues to Increase
JAMADA ALAWWAL 16, 1440 AH TUESDAY, JANUARY 22, 2019 Max 17º 28 Pages Min 05º 150 Fils Established 1961 ISSUE NO: 17739 The First Daily in the Arabian Gulf www.kuwaittimes.net KFAED signs KD 9 million Jordan hits out at Israel’s Zain recognized as ‘Best Telecom Japan edge profligate Saudis to 36loan agreement with China new airport near Red Sea 11 Company in Kuwait’ for 2018 28 reach Asian Cup quarterfinals Kuwait to boost spending as budget deficit hits KD 7.7bn Hajraf vows fiscal reforms • Oil seen at $55 per barrel • Non-oil revenues to increase By Nawara Fattahova and Agencies MP calls to expel KUWAIT: Kuwait’s estimated budget deficit for the 2019/2020 fiscal year could soar to KD 7.7 billion ($25.3 billion), Finance Minister Nayef Al-Hajraf said ‘bachelors’ from yesterday. Kuwait plans to spend KD 22.5 billion ($74 billion) in total expenditure for the fiscal year 2019/2020 - a 4.7 percent rise - based on an average Salmiya block 13 of $55 per barrel of Kuwaiti crude oil, the minister told a press conference held at the Public Institution for By B Izzak Social Security. Total revenues stand at KD 16.4 billion ($54 billion), KUWAIT: MP Saleh KD 14.5 billion ($47.7 billion) of which are oil revenues, Ashour yesterday while non-oil revenues amount to KD 1.86 billion ($6.1 called for immediately billion), 5.4 percent higher compared to the current expelling all single year’s budget. Hajraf revealed wages and employee men from block 13 of bonuses make up 71 percent of total expenditure, while Salmiya because of capital spending accounts for 17 percent, with 12 per- the “danger” they cent forming other expenses.
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