Oil Income Soars, Shrinking The Budget Deficit

Due to a sharp rise in international oil prices since then, the estimate of the deficit for fiscal year 2021-22 will narrow significantly from what it was earlier.

Figures from the latest fiscal year show the budget deficit decreased to approximately KD402 million while revenues totaled KD15.98 billion while expenses and commitments totaled KD16.38 billion.
More than 93 percent of the deficit is reduced compared to the deficit of nearly six billion dinars during the same period in the last fiscal year.

Compared with the budgeted estimate of KD9.2 billion, the oil revenues gained KD5.1 billion, which is the primary reason for this sharp drop in the deficit.

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