Mubasher: Kuwait’s state budget achieved a surplus in the first half of the fiscal year 2018/2019 ended September, encouraged by a 46.9% growth in revenues, the Ministry of Finance (MoF) said on Thursday.
Kuwait’s fiscal year begins in April and ends in March.
The GCC nation logged a KWD 2.28 billion ($7.53 billion) surplus after deducting future generations’ reserve from April until September, against a deficit of KWD 1.94 billion ($6.41 billion) in the same period last year, the MoF added.
The MoF’s data further showed that the country transferred 10% of actual revenues for the future generations’ reserves.
Kuwait posted a revenue of KDW 10.33 billion in H1 of FY18/19, which represents 68.5% of estimated revenues worth of KWD 15.09 billion for the full year.
From April to September, expenses tumbled 15.3% to KWD 7.01 billion, compared to KWD 8.28 billion in the corresponding period a year earlier.
The GCC nation has estimated expenses at KWD 21.50 billion for FY18/19.
The Kuwaiti body also estimated fiscal deficit during FY18/19 to hit KWD 6.5 billion after deducting the future generations’ reserve.
