Kuwait’s Finance Ministry has presented a massive KD26.3bn ($86.7bn) budget for the 2023-24 financial year starting on 1 April. Even by Kuwaiti standards, the $9.1bn (11.7%) increase on 2022-23’s already record spending plans is huge, and it stands in contrast with other regional states such as Saudi Arabia which are resisting the temptation to splurge in the wake of 2022’s oil price surge (MEES, 9 December 2022).
In its statement submitted to the emirate’s National Assembly (Majlis al-Umma) on 31 January, the ministry says that the budget is “extraordinary” as it includes one off “non-recurring expenses” and “accrued expenditure” from years prior. Rather than much-needed capital investment, however, these “extraordinary” payments are essentially handouts to citizens. Capex is budgeted to drop by $1.5bn, with current spending soaring by $10.6bn against the budget for the current year (to end-March). (CONTINUED - 940 WORDS)
