According to the Alanba daily report, official data reveals that the actual spending on development projects in Kuwait for the fiscal year (FY) 2022/2023 was 665.1 million dinars ($2.1 billion). This spending was allocated to approximately 128 different development projects.
The data was obtained from the annual plan follow-up report covering the period from April 1, 2022, to March 31, 2023. It reveals a decrease of 29.5 percent in Kuwait’s actual spending on development when compared to the previous year.
Specifically, the spending for the fiscal year 2022/2023 amounted to 279.3 million dinars. In contrast, the spending for the previous year 2021/2022 was 944.4 million dinars, as indicated in the report.
50.8 percent
When comparing the annual performance, the actual spending on development projects accounted for around 50.8 percent of the approved budget. This amount translates to approximately 665.1 million dinars. This expenditure was made out of a total financial allocation of 1.3 billion dinars for the entire year. During this period, 45 percent of the plan’s projects were categorized as being in the executive stage. In contrast, during the FY 2021/2022, the state allocated 56.9 percent of the funds. This amounted to 944.4 million dinars out of the approved 1.7 billion dinars for 130 projects.
By the end of that year, 48 percent of the projects were in the executive stage.
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The report reveals the current executive status of the projects. According to the data, 45 percent of the projects, amounting to 57 projects, are in the executive stage. Additionally, 42 percent of the projects, amounting to 54 projects, are in the preparatory stage. Also, 6 percent of the projects, which is equivalent to 8 projects, have reached completion. Furthermore, 4 percent of the projects, totaling 5 projects, are currently in the delivery stage. Lastly, 3 percent of the projects are yet to commence.
128 projects
The report’s summary reveals that the 128 projects are categorized into 9 programs. Among these programs, the sixth program stands out with the highest number of projects, consisting of 41 projects focused on constructing a cohesive infrastructure. Surprisingly, the second program, which pertains to general privatization, does not include any projects, including those implemented by government authorities or through public-private partnerships.
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