Kuwait sees budget surplus of $22 billion
Kuwait recorded a budget surplus of KD6.32 billion…
December 28, 2009 4:36 by kippreport
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.