Kuwait running out of money, can't pay salaries: FM

Due to the pandemic and collapsing of oil price, Kuwait's budget deficit will widen in fiscal 2019-2020, potentially reaching $45.78 billion, which is up from a previous deficit projection of $25.18 billion.

Kuwait City:Kuwait is running out of money for paying public salaries as the country has 2 billion dinars or $6.6 billion worth of liquidity in its Treasury, warned the finance minister Barak Al-Sheetan, quoted by the Russia Today.

"We will have no money to overcome the liquidity after November," he added.

"Unless oil prices rise, the money being used now, withdrawals from the General Reserve Fund, will simply be depleted," Middle East Monitor reported citing the minister as political wrangling again delayed efforts to return to international bond markets.

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Due to the pandemic and collapsing of oil price, Kuwait's budget deficit will widen in fiscal 2019-2020, potentially reaching $45.78 billion, which is up from a previous deficit projection of $25.18 billion.

Reportedly, the country relies almost entirely on oil revenues for its income and had not been able to shake off the effects of the previous oil price crash before this one hit.