Kuwait’s Finance Ministry has announced the budget for the next financial year 2026-27. In this budget, which will be implemented from April 1, the government has emphasized on big infrastructure projects and facilities for the common people. Although the budget is estimated to have a deficit of 9.8 billion dinars due to low oil prices, the government has made it clear that it will not affect development works and essential facilities.
👉: Everything is changing at Riyadh Airport from 16th February, important news for Saudia and Flynas passengers.
14 thousand new jobs and big decision on salary
The biggest news in this budget is regarding employment. The government has made provision for 14,518 new jobs for Kuwaiti citizens. Along with this, 76% of the total budget i.e. about 19.8 billion dinars has been kept only for salaries and subsidies. Finance Minister Dr. Yaqoub Al-Refaei said that the government’s entire focus is on keeping public sector salaries and social security strong.
Airport and big projects will get momentum
Kuwait is engaged in rejuvenating the country under its ‘Vision 2035’. For this, 3.1 billion dinars will be spent as capital expenditure. With the implementation of these projects, economic activities will accelerate in the country, which will benefit all the people living there.
Kuwait International Airport (Terminal 2): The expansion work of the airport will get the highest priority. Mubarak Al-Kabeer Port: The construction work of the port will be accelerated. Health Facilities: Funds have been provided to complete the work of Kuwait Cancer Center and other hospitals.
Oil prices and budget mathematics
While making the budget, the Finance Ministry has considered the price of oil at $57 per barrel, which is a safe estimate considering the market fluctuations. According to the report, there has been a decline in oil earnings, but the 19.6% increase in non-oil revenue is a good sign. To meet the deficit, the government would have needed an oil price of $90.5 per barrel, but currently this is lower than estimated.