Kuwait-Mubasher: The fiscal year 2015/2016 has ended on 31 March, 2015, with expenditures estimated at KWD 19.171 billion ($63.51 million), according to a recent report by Al Shall Consulting.
Actual deficit would score KWD 4.5 billion ($14.91 billion), by assuming spending all budget estimate at KWD 19.2 billion without deducting what is forwarded to the -Future Generation Reserve, Al Shall said.
The overall revenues were projected at KWD 12.211 billion ($40.45 million) of which 88.1% or KWD 10.757 billion ($35.64 billion as oil revenues.
The report added that “Preliminary data indicate a noticeable drop in total received revenues below its counterpart amount in the last fiscal year. This resulted mainly from the drop in oil prices whose average price in the FY 2015/2016 scored $42.7 per barrel which is lower by $-2.3 per barrel, -5.1%, than the budget hypothetical price. It is also less by $-38.6 per barrel, -47.5%, than the average Kuwaiti oil price per barrel for the past fiscal year 2014/2015 at $81.3 per barrel.”
