VOL. XLI

No. 36

7-September-1998

KUWAIT

Kuwaiti Budget Deficit Projected To Rise As Oil Revenue Sinks

Published in the official gazette Kuwait al-Yaum of 23 August and ratified underDecree Law No. 72 of 1998, the Kuwaiti budget for 1998-99 projects a sharp drop in oilrevenue and a widening of the budget deficit (see Tables below). The 1998-99 deficit,before allocation to the Reserve Fund for Future Generations (RFFG), is projected to riseby 36.6%, from KD1.6bn ($5.2bn) to KD 2.2bn ($7.1bn)....