– Kuwait’s Ministry of Finance (MoF) announced Sunday KD three billion deficit (USD 9.7 billion) in the Fiscal Year ended in March 31, 2022, a decrease of 72.2 percent compared with the last year.
Non-oil revenue up by 38.5 percent compared to last year’s closing accounts, the Ministry added in a press release, noting that highest non-oil revenue recorded in 7 years Total revenue up by 76.9 percent compared to last year’s closing accounts, while wages and subsides accounted for 76.0 percent of all expenditure, it said Capital and infrastructure expenditure accounted for 12.0 percent of total expenditure, it stated The State’s accounts recorded KD18.6 billion ((USD 60.2 billion)) in revenue, KD21.6 billion (USD 69.9 billion) in expenditure, a rise of .5 percent comparted with the last year, it made clear. Oil revenue hit KD16.2 billion (USD 52.7 billion) an increase of 84.5 percent from last year, and the Non-oil revenue reached KD2.4 billion (USD 7.7 billion), up 38.5 percent from last year, the release said.
Average Kuwaiti crude selling price for the fiscal year hit USD 80.7 per barrel, and average oil production reached 2.539 million barrels per day, it indicated.
“Wages and subsidies posted KD16.4 billion (USD 53.3 billion), comprising 76.0 percent of all expenditure. Capital Expenditure is KD 2.6 billion (USD 8.4 billion), comprising 12.0 percent of all expenditure,” it said.
Kuwait Minister of Finance Abdulwahab Al-Rasheed said: “Naturally the rebounding oil price in the second half of the fiscal year helped shore up Kuwait’s revenue. Kuwait has one of the strongest sovereign balance sheets in the world, with one of lowest sovereign debt to GDP levels globally, and a strong rebounding economy”.
He added that the government is fully prepared to discuss the final account with the legislative authority and move forward in implementing solutions that are more realistic to develop public finances.
The State’s budgets and closing accounts must be ratified by the National Assembly in order to be considered final.
Source: Kuwait News Agency