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 Kuwaiti large budget deficit for the third year in a row

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PostSubject: Kuwaiti large budget deficit for the third year in a row   Wed Feb 01, 2017 10:53 am

Kuwaiti large budget deficit for the third year in a row

February 1, 2017


KUWAIT Kuwaiti government announced that the budget for fiscal year 2017-2018 will include a huge fiscal deficit for the third consecutive year, due to the decline in oil prices in global markets. The government expects that put the budget on the basis of 45 dollars as the price per barrel of oil, to a deficit of about 7.9 billion dinars (about 26.3 billion dollars), down 18.4 percent from the current fiscal year, which ends in late March.

Said Finance Minister Anas Saleh, on the sidelines of the announcement of the "Kuwait Vision 2035" that "Total estimated revenue of the general budget of the state of about $ 42.5 billion." He added that "oil revenues expected during the next fiscal year, amounting to $ 38.8 billion, an increase of 36 percent compared to petroleum revenues in the current fiscal year." Gulf state is seeking to raise the production capacity of the estimated oil currently from about 3 million barrels per day to the borders of 4 million barrels a day by 2020, despite the assertion that it is committed to an agreement to reduce concluded production among the Organization of Petroleum Exporting Countries (OPEC) and a number of independent producers.
Anas Saleh: oil revenues to Kuwait still constitute 88 percent of budget revenues

Despite the collapse in oil prices in the last three years, the oil revenues to Kuwait still constitute 88 percent of the revenues of the budget, as the minister explained, but before that the Kuwaiti government has benefited over 16 years of budget surpluses thanks to high oil prices. In light of the situation that is going through Kuwait, Saleh revealed that his country will continue to issue an international sovereign bond procedures, "but it is difficult to give a timetable," with the aim of bridging the gap in the budget.

The Finance Minister had said last November that the government plans to offer bonds worth $ 9.8 billion to foreign investors in early 2017, but it did not provide a step yet. The National Bank of Kuwait, KAMCO to invest earlier that the government had been invited to participate in the issue. The government is trying to search for a new compass graduating from continued economic stagnation for decades because of its heavy dependence on oil revenues, and the fact that the main operator of the state most of Kuwaiti citizens.

According to Saleh, who holds the presidency of the Kuwait Investment Authority, which is one of the largest sovereign funds in the world with assets estimated at 592 billion dollars, in a statement to Reuters that the sovereign fund will give priority this year for the technology and infrastructure. "The Fund's portfolio in the field of technology for a small but growing .. Fund cautious on valuations."

Kuwait and followed the lead of most of its Gulf neighbors, where he announced a strategic vision extends for about 20 years and aims to reform the economy and cope with the era of cheap oil by diversifying the economy and budget revenues and increase the efficiency of the economy and its competitiveness. The Minister of State for Cabinet Affairs Minister Mohammed Abdullah Al-Mubarak Al-Sabah said that "development plan is based on seven main pillars of approach and strategy of working through it."

The aim of seeing (New Kuwait) to turn the country into an attractive center for investment in which the private sector led economic activity and encourage the spirit of competition and raise production efficiency in light of the founders of a supporting device. And the payment of the decline in oil prices and Gulf states led by Saudi Arabia, the largest oil exporter in the world, to take harsh austerity measures. The government has launched about 12 years ago, the vision to transform the country into a financial and commercial center in the Gulf region.

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