Kuwait gives final approval to $76 billion state budget

Kuwait’s National Assembly

Kuwait’s parliament approved the 2021-22 state budget on Tuesday focusing on job support as the country witnessed record annual job losses earlier this year.

Finance Minister Khalifa Hamada said 71.6 per cent of expenditure is allocated for job support, the state news agency KUNA reported.

The budget estimates a revenue of $36 billion.

“The budget’s approval for the fiscal year that began on April 1 and was supported by 32 of 63 lawmakers, was needed to keep development projects afloat,” Hamada also added.

Kuwait is currently nationalising a number of jobs in an effort to tackle unemployment.

The Gulf state announced a deficit of $18.44 billion in the 2019-2020 fiscal year.

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