Kuwait may see $34bn budget surplus

Kuwait is expected to report a budget surplus of KD9.75 billion ($34.1 billion) in its 2009-2010 fiscal year if oil prices stay at current levels, according to a report in Kuwaiti daily Awan. The country is expected to post about KD5.5 billion ($19.3 billion) surplus for the next five months of the year that ends in March, the report said.

While the country has assumed oil price to stand at $35 a barrel in its 2009/10 budget, current prices stand at around $80 a barrel, which will increase Kuwait’s surplus, according to the report.