Kuwait reports $28.3b fiscal budget surplus

24 May 2010

(MENAFN) A report issued by the Kuwaiti Finance Ministry showed that the government has posted a preliminary fiscal surplus of $28.3 billion in the financial year through March, Reuters reported.

The ministry said in its report that state income was $61.5 billion, or 122 percent above its budget, while spending was $33.44 billion, compared with the $41.5 billion projected for the year. About 10 percent of revenue will go to the Reserve Fund for Future Generations, it added.

The government had forecast a budget deficit of $16.7 billion for the fiscal year, based on an oil price of $35 a barrel. It had a surplus of $9.4 billion in the previous year.

Kuwait, the fifth-biggest oil producer in the Organization of Petroleum Exporting Countries (Opec), plans to increase spending by about 34 percent in the current fiscal year and is projecting a budget deficit of $22.2 billion, based on an oil price of $43 a barrel.

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