Kuwait narrows its fiscal deficit for first time in 3 years

RIYADH: Kuwait brought its budget deficit down to 2.99 billion Kuwaiti dinars ($9.7 billion) in 2021/22, a 72.2 percent fall from the previous year as oil revenue boosted its exchequer, the finance ministry has announced. 

Kuwait, whose financial year ends on March 31, saw its deficit shrink for the first time since the fiscal year 2018/19, even though a budget deficit of 12.1 billion Kuwaiti dinars was originally forecast.