Spending undershoots due to chronic inability to advance infrastructure plans.

Kuwait’s freshly-released draft 2019-20 budget paints a stark picture that highlights the emirate’s vulnerability to oil price changes. Revenues are slated to fall by nearly 24% in real terms, although in reality the drop-off is unlikely to be quite so stark.

The draft budget for the year beginning 1 April projects a deficit of $25.6bn, which is a massive swing on the current year. Data for the first...