The esteemed initiative delivered essential grocery food baskets to around 5,000 deserving families across 14 Bangladeshi districts
The Opec member recorded a budget shortfall of 4.6 billion dinars ($15.3 billion) in the fiscal year which ended on March 31, Anas Al Saleh said in a statement carried by the Kuna news agency late Monday.
It was the first shortfall since the fiscal year to March 1999.
Revenues dropped by 45 per cent to $45.2 billion while spending was cut by 14.8 per cent to $60.5 billion, the minister said.
Oil income was $40.1 billion, a slump of 46.3 per cent from the previous year, he said.
Oil accounted for 89 per cent of total revenues, down from 95 per cent in previous years.
Al Saleh told parliament last month that Kuwait plans to tap international debt markets through bond issues to finance the deficit. He said the emirate would borrow up to $10 billion in US-denominated bonds from international markets, in both conventional and (Islamic) sukuk issuance.
The ministry will borrow another $6.6 billion in both conventional and Islamic instruments from the domestic market, Al Saleh said.
In previous years, Kuwait built up a sovereign wealth fund worth around $600 billion that is invested mostly in the United States, Europe and Asia.
Kuwait is projecting a deficit of $28.9 billion in the current fiscal year which began on April 1. - AFP
The esteemed initiative delivered essential grocery food baskets to around 5,000 deserving families across 14 Bangladeshi districts
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