Kuwait Records over USD 18 Billion Budget Deficit in Fiscal Year 2019-2020

Kuwait announced a total deficit of USD 18.44 billion for the 2019-2020 fiscal year, with the Finance Minister stating that total revenue had fallen 16% year-on-year (YoY) to KWD 17.22 billion (USD 56.3 billion) in the same fiscal period.

According to media reports, Kuwait’s economy is reeling under the double blow of the pandemic and falling oil prices. The World Bank stated that the COVID-19 pandemic has been the worst crisis faced by Kuwait's economy since the Iraqi invasion in 1990, exacerbated by the global oil price slump.

The Government of Kuwait is hoping to shore up funds by issuing public debt of USD 13-16 billion, for which it needs the Parliament to approve a debt l...