The Kuwaiti government has reduced the expenditures of the budget for the fiscal year 2020-2021, which began last April, by 945 million dinars (3.1 billion dollars) due to the repercussions of the Corona virus.
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According to Reuters, the National Assembly’s account on Twitter quoted the head of the budgets and final account in the Kuwaiti National Assembly, Adnan Abdul Samad, as saying that these cuts will not affect Employees' rights, subsidies, or social benefits.
He also said that the Ministry of Finance revised the estimates for the 2020-2021 budget, with revenues estimated at 7.5 billion dinars and expenditures at 21.5 billion dinars.
In January, then Finance Minister Mariam Al-Aqeel expected spending to reach 22.5 billion dinars and revenues of 14.8 billion dinars, of which 87 percent of it is oil in the fiscal year 2020-2021 .
In June, the Cabinet requested the Ministry of Finance to coordinate with all government agencies to reduce their respective budgets by not less than 20 percent in the current fiscal year in light of a decline Oil prices and the Coronavirus outbreak.
Abd al-Samad said on Tuesday that the estimates of the Ministry of Finance after the amendment expect revenues of 7.5 billion dinars and a deficit of 14 billion dinars, adding that it is possible that this deficit will improve because The price of a barrel on which the budget is estimated is $ 30 and its current price is $ 45.
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