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Kuwait sees budget surplus of $22 billion

Kuwait recorded a budget surplus of KD6.32 billion…

December 28, 2009 4:36 by

Kuwait recorded a budget surplus of KD6.32 billion ($21.99 billion) during the first eight months of its 2009-2010 fiscal year, according to figures posted by the finance ministry, reports Reuters. The country’s revenues reached KD11.17 billion ($38.9 billion) by the end of November, about 138 percent of the revenue budgeted for the entire fiscal year. Out of the total income, oil revenues amounted to KD10.55 billion ($36.7 billion).

Kuwait’s 2009-2010 budget was based on a oil price of $35 a barrel, and forecasted a deficit of KD4.85 billion ($16.9 billion). However, oil prices have increased in the last few months, and it is currently trading at around $78 a barrel.

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