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kuwait budget 2020

Kuwait projects spending of 22.5 billion dinars for the 2020-2021 budget, according to the figures released at a news briefing by Finance Minister Mariam Aqeel Al-Aqeel. a.tie-cart span.shooping-count, #main-nav ul > li.menu-item-has-children:hover > a:after, ::-moz-selection { background: #00bbff;} #buddypress div.item-list-tabs ul li.selected a, Meanwhile, MPs continue to reject the government plans to impose taxes or cut subsidies on specific items. This is the fifth year in a row that Kuwait’s budget faces a deficit as the collapse of oil prices in 2014 caused a sharp drop in Gulf countries’ revenues. } Macron: This is our Prophet, this is our religious teaching, we shall not boycott, New wealth management law is a welcome game changer, How Lebanon could be re-born post-Hezbollah, A brave new dawn in Arab-Israeli relations, ‘Govt should impose blanket ban on the entry of criminals’ – ‘Increase raids, arrest illegals’, ‘Righteousness, decency can be acquired by any person’ – ‘God created man as one’, ‘Inbred intolerance tough to overcome in Mideast’, ‘Petty criminals cannot tarnish residents image’ – ‘Deport law-breaking expats’, ‘We must face challenges in unity & solidarity, be loyal to the leadership’, ‘Govt must adopt confidence building measures to end corruption’, ‘Beirut will emerge victorious from the ashes of port blast’, Shun selfishness, work hard for your homeland Kuwait, or lose all, ‘KD 1 billion actual fiscal budget deficit per month’, Kuwait said running out of cash – Budget deficit to touch $46 billion this year. var sf_position = '0'; #main-content input[type="submit"], #commentform { fbq('init', '259230391590745'); Which other GCC state could introduce income tax after Oman? ------------------- .widget.timeline-posts li a:hover span.tie-date { 5- Guide each … ICAEW, Saudi universities emphasize importance of job market readiness, Tightening liquidity to deter recovery of GCC insurers’ receivables, UAE records $1.46bln trade balance surplus with Gulf countries, Gulf tourism sector offers 3mln jobs; $90bn in revenue: Al-Khateeb, Saudi ministry outlines conditions for employment transfers for foreign workers, External finance will remain elevated in MENA in 2021 despite narrowing deficits - IIF, UAE's Lulu boosts e-commerce strategy with first online fulfilment centre in Oman, Abu Dhabi's Mubadala leads $700mln funding for US start-up Reef Technology, Dubai's DXB Entertainments to open new thrill rides, over 1,000 hotel rooms, GCC logistics industry 'ripe for consolidation', says Aramex. The committee’s report said that the increase in expenditure and allocations on income (deficit) is estimated at about KD8.250 billion, which is covered by the state’s general reserve fund. You can manage them any time by clicking on the notification icon. Register to read and get full access to gulfnews.com, By clicking below to sign up, you're agreeing to our (i[r].q = i[r].q || []).push(arguments) i[r] = i[r] || function () { 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. .woocommerce-page span.onsale , s.parentNode.insertBefore(t,s)}(window, document,'script', } (adsbygoogle = window.adsbygoogle || []).push({"google_ad_client":"ca-pub-8308202338490872","enable_page_level_ads":true,"tag_partner":"site_kit"}); KUWAIT TO BOOST SPENDING, EYES OIL AT $55-$65 bbl. These cookies are used to improve your experience and provide more personalized service to you. 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Revenues in 2019-2020’s budget were estimated at $53 billion and the expenditure at $74 billion. body{ !function(f,b,e,v,n,t,s) googletag.defineSlot('/21718123535/arabtimes', [728, 90], 'div-gpt-ad-1531122919762-1').addService(googletag.pubads()); Oil revenues are expected to account for 87.3% of total revenues in the next fiscal year. Cairo: Kuwait agreed to cut the government entities' budget for fiscal year 2020-2021 by at least 20%, Kuwait's cabinet said on twitter on Thursday. google_ad_slot = "5013570411"; In January, Kuwait expected spending of 22.5 billion dinars and revenues of 14.8 billion dinars in the 2020/2021 budget. Terms of Use .form-submit #submit, See here for a complete list of exchanges and delays. jQuery(document).ready(function(){ }); “We are firmly on the path towards fiscal reforms,” he emphasized, citing stricter measures dealing with government debt collection, including a settlement cost of KD 341.4 million ($1.1 billion) for the next fiscal year. (Reporting by Ahmed Hagagy and Alexander Cornwell; writing by Davide Barbuscia; editing by Edmund Blair, Larry King). })(window, document, 'script', 'https://google-analytics.com/analytics.js', 'ga'); "Lawmakers reaffirmed, during a discussion on budgets, the need to reconsider support for (government) bodies, abolish the futile ones, and restructure state institutions in order to limit the state's general budget deficit," the Kuwait National Assembly said on Tuesday via Twitter. ------------------- Email us at editorial.zawya@refinitiv.com, or send us your company press releases to pressrelease.zawya@refinitiv.com. .review-percentage .review-item span span, #main-nav ul li.current-menu-item a:hover, Kuwait’s National Assembly (parliament) approved Wednesday 2020’s budget with an expected $22 billion deficit. body.dark-skin #buddypress div.item-list-tabs ul li.selected a, The small oil-rich Gulf country is seeking to save money while facing a deficit of 14 billion dinars this fiscal year, which began on April 1, amid the twin shock of the oil price crash and coronavirus pandemic. }); .button, Photo: Gian Mattia D'alberto/LaPresse via ZUMA Press/dpa, The sun rises next to the buildings of the banking district in Frankfurt, Germany, early Saturday, Nov. 7, 2020. .widget_price_filter .ui-slider .ui-slider-handle, In January, Kuwait expected spending of 22.5 billion dinars and revenues of 14.8 billion dinars in the 2020/2021 budget. .post-listing, Abdulsamad said surpluses between 1999 and 2019 totalled 50 billion dinars and were transferred to the General Reserve Fund, one of Kuwait's sovereign funds. .top-nav ul li.current-menu-item:before, .mejs-container .mejs-controls .mejs-time-rail .mejs-time-current, .woocommerce-page .widget_price_filter .ui-slider .ui-slider-handle, } #main-nav ul li.current-menu-parent a:hover, The Kuwaiti FY 2019-2020 budget, focusing on more transparency and efficiency. KUWAIT, Jan 14 (KUNA) -- The State of Kuwait's budget for 2020-2021 will have a revenue of KD 14.8 billion (USD 48.7 billion) and an expenditure of KD 22.5 billion (USD 74 billion), while the deficit will be at KD 9.2 billion (USD 30 billion), said the Minister of Finance Mariam Al-Aqeel Tuesday. #main-nav ul ul, a.more-link, jQuery(sf_input).ajaxyLiveSearch({"expand":false,"searchUrl":"https:\/\/www.arabtimesonline.com\/news\/?s=%s","text":"Search","delay":500,"iwidth":180,"width":315,"ajaxUrl":"https:\/\/www.arabtimesonline.com\/news\/do_ajax.php","rtl":0}); } #main-nav, #main-nav ul li a{ .widget-feedburner .feedburner-subscribe, The projected oil revenues are about $45.4 billion, or 88 percent of the total revenue, based on the price of $55 per barrel. color: #00bbff; or. They were placed on your computer when you launched this website. The general budget of the state of Kuwait reflects the approved plan for the financial year 2019/2020. background-color:#000000 !important; The 2020-2021 deficit will be covered by Kuwait’s General Reserve Fund, one of the wealth funds managed by Kuwait Investment Authority, said the minister. i['GoogleAnalyticsObject'] = r; Access the most comprehensive database of companies and officers in the Middle East and North Africa, covering all major sectors and industries, from Refinitiv. Click here to subscribe to our free newsletter, Copyright: 1978 - 2020 © H H Saudi Research and Marketing LTD, All Rights Reserved And subject to Terms of Use Agreement, https://english.aawsat.com/home/article/1797951/kuwait-approves-2020-budget-22-bn-deficit, Kuwait Approves 2020 Budget With $22 Bn Deficit, Kuwait's National Assembly (parliament) during a session (KUNA), James Jeffrey Leaves Post, Expects ‘No Change’ in US Policy on Syria, Israel, Hamas Resume Talks on Prisoner Swap, Israeli Settlers Storm Archaeological Site North of Nablus, Egyptians Vote in 2nd Stage of Parliamentary Election, Ailing Syria and the US-Russian Medication, Riyadh Chamber Launches Initiatives to Promote E-Commerce, US, Russia at Odds over Syrian Refugee Conference, A person strolls across Santa Monica beach during sunset. #main-nav ul li.current-page-ancestor a, .background-cover{ "As a result of the current crisis, the ministry of finance has amended the estimates for the 2020/2021 budget, with revenues estimated at 7.5 billion dinars and expenditures at 21.5 billion dinars," Abdulsamad said, according to parliament's Twitter account. “The surge in oil prices over the past few months… is likely to tempt policymakers to loosen fiscal policy further,” said Jason Tuvey, senior emerging markets economist at Londonbased Capital Economics. body.dark-skin #buddypress div.item-list-tabs ul li.current a, .quantity .plus:hover, But lawmakers want to see plans to reform the economy and shift its heavy reliance on oil, which made up 89% of revenues last fiscal year. } #featured-posts .flex-prev:hover, googletag.pubads().collapseEmptyDivs(); background-color:#37b8eb; Is Pedersen Mourning the Syrian Constitutional Committee. The finance minister said the deficit will be totally covered by general state reserves. google_ad_slot = "1434619060"; (function() { We’ll send you latest news updates through the day. DUBAI  - Kuwait has cut 945 million dinars ($3.09 billion) in expenditure from its budget for the 2020/2021 fiscal year, the head of a parliamentary committee said on Tuesday, adding workers' rights, benefits and subsidies would not be affected. } } .cat-box-content, Privacy Policy. The budget will enter into force on April 1 after it is approved. #main-nav ul li.current-menu-item a, According to a report by the parliamentary committee on the bill that stipulates linking the ministries and government departments’ budgets for the fiscal year (2019-2020), the revenues are estimated at about KD16 billion (about $53 billion), and KD1.6 billion (about five billion dollars) of revenues are allocated for the Future Generations Fund (FGF) reserves.

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