Kuwait Asks Ministries to Cut Spending by 10% Amid Budget Gap

Kuwait’s cabinet instructed state entities to reduce spending by at least 10% in an attempt to cut its budget deficit, state-run Kuwait News Agency reported.

The OPEC member posted a record 10.8 billion dinar ($36 billion) budget deficit in 2020, up 175% from a year earlier. It has been battling to reduce the gap due to its dependence on oil revenues, and high spending on civil servant wages and subsidies.