Kuwaiti Parliament Passes Budget With $22 Billion Deficit, Plans for Reforms

The Kuwaiti National Assembly approved the national budget for the fiscal year 2023-2024 on Wednesday, revealing an estimated deficit of $22 billion. The announcement was made on the parliament’s website following a majority vote during a special session. With revenues estimated at 19.4 billion dinars ($63 billion) and expenditures at 26.2 billion dinars, the deficit of 6.8 billion dinars will be offset by public reserve funds, the official Kuwait News Agency reported. This budget reaches a record high for Kuwait, reflecting an increasing trend year by year. In an attempt to manage this, the parliament also greenlighted four proposals aiming at financial and administrative reforms. These reforms focus on fairness among employees and restructuring government agency wages, which consume a significant portion of the budget.