Gulf States budget deficit expected to fall 20 percent
The Emirates Industrial Bank estimates that the cumulative budget deficit of the Arabian Gulf States will decrease by 20 percent by the end of this year, reported Al-Morakeb Al-Inmai. According to this estimate, the current deficit of these states will shrink from $20 billion in 1999 to $16 billion by the end of 2000.
Furthermore, the bank predicts that the cumulative budget revenues will rise by 12 percent by the end of the current year. The revenues of last year, which reached $75 billion, are expected to climb to $84 billion by the year’s end.
The same sources expect the Kuwaiti budget deficit to fall from $47.17 billion from the end of 1999 to $5.93 billion by the end of this year. The total public spending in the Kuwaiti budget for 2000 is estimated at $15.5 billion compared to the $9.62 billion previously projected spending for this year.
Local Saudi sources anticipate that the local budget deficit will fall to $7.5 billion by the end of 2000, down from $9.1 billion last year. The total public spending in the kingdom is assessed at $49.4 billion in 2000, compared to $41.9 billion in 1999. — (Albawaba-MEBG)