NO. 22


Financial and Banking News

Budgets & Revenues

Kuwaiti Budget Deficit Grew despite Higher Revenue in 1988/89

The Kuwaiti Government's closing accounts for the fiscal year 1988/89 (ending30 June 1989) have recently been published and show that despite a 5.1%increase in revenues, the deficit grew last year. The strictly defined deficitwas up 13.8% to KD630.8mn ($2.2bn), while the official deficit, which includesthe Government's obligatory payment to the Reserve...