Kuwait releases budget 2020/21 with record fiscal deficit

Executive Summary

Kuwait has announced a state budget proposal for the fiscal year 2021 (period starting in April 01, 2020 and ending on March 31, 2021) that projects spending at KD 22.5billion and revenues at KD 14.8billion. For the fiscal year 2021, spending is budgeted to remain at the same level as last year (KD 22.5billion, 2019/20); while, revenues are expected to be lower by 9.8 per cent than the last year budget (KD 16.4billion, 2019/20) on expectations of lower oil production.