The data released by the Kuwaiti Ministry of Finance, showed that the state budget has maintained recording financial surpluses for the tenth month in a row during the current fiscal year. The budget did not witness yet any financial deficit after deducting the Future Generations Reserve.
According to the monthly follow-up statistics of the State's financial administration for the fiscal year 2018/2019, the budget recorded a surplus of KD 1.6 billion at the end of last month, after deducting the 10% reserve ratio to 20.7% and KD 415.9 million from the surplus recorded at the end of last December, amounting two billion dinars.
According to the statistics, the continuation of revenues’ increase achieved by Kuwait by the end of last month, significantly supported by the stability of oil prices during the last month, which is the main source of the budget’s revenue, coinciding with the entry into force of the “Oil Production Reduction”, according to an agreement between OPEC countries and the independent producers outside it by 1.2 million barrels per day earlier this year.
The revenues rose 8.5% to KD 17 billion at the end of last month, compared to KD 15.68 billion at the end of last December.
Source: (Al-Arabi Al-Jadeed newspaper, Edited)