Mubasher: Kuwait’s state budget achieved a surplus of KWD 2 billion ($6.63 billion) in the first nine months of fiscal year 2018/2019, after deducting future generations’ reserve.
The GCC nation registered a surplus of KWD 3.57 billion ($11.8 billion) before allocating KWD 1.56 billion to the future generations’ reserve in the April-to-December 2018 period, the country’s Ministry of Finance (MoF) said on Wednesday.
The MoF’s data indicated that the country transferred 10% of actual revenues for Kuwait’s Future Generations Fund.
Kuwait previously posted a deficit of KWD 2.47 billion after deducting the future generations’ reserves for the first nine months of FY17/18. From April to December, Kuwait’s revenues rose 40.7% to KWD 15.68 billion, against KWD 11.14 billion in the corresponding period in FY17/18.
Meanwhile, the GCC nation’s expenses tumbled 10.8% to KWD 9.9 billion, from KWD 11.11 billion in the corresponding nine months in FY17/18.
A week ago, Kuwait’s MoF expected the budget deficit to fall to KWD 7.7 billion ($25.4 billion) for its next fiscal year starting in April 2019, after deducting the future generations’ reserves.
The Kuwaiti body also estimated revenues to grow 8.6% year-on-year to KWD 16.4 billion for FY19/20, while expenses are projected to surge 4.7% to KWD 22.5 billion.
