Kuwait posts $27.8b budget surplus in 10 months

25 Feb 2010

(MENAFN) Kuwaiti finance ministry said that the Gulf country posted a preliminary budget surplus of $27.8 billion in the first 10 months of the current fiscal year on higher oil income, AFP reported.

The ministry said in a statement that revenues until the end of January reached $51 billion, 82 percent above the $28.1 billion projected for the whole 2009-2010 fiscal year, which ends on March 31. Spending during the 10 months was $23.2 billion, just 55.2 percent of projected spending for the whole year of $42.1 billion.

The huge surplus is expected to be lower at the end of the fiscal year due to end-of-year accounting adjustments when pledged expenditure not included so far will be added to the closing statements.

Oil income up to the end of January reached $48.2 billion or double the budget projections for the whole year of $24.1 billion. Oil revenues constituted 94.5 percent of total income.

Kuwait has been projecting a deficit in each of the past 11 fiscal years because it calculates oil income at a highly conservative price. It has projected a deficit of close to $14 billion this year. It however ended 10 of those years with a huge surplus and is headed for a windfall exceeding $20 billion for this year.

More News

This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more