Mubasher: Kuwait is expected to generate around KWD 20 billion revenues in fiscal year 2018/2019 budget, informed sources told Al Rai newspaper.
The GCC nation’s oil revenues reached KWD 17.8 million from April 2018 until last March, while non-oil revenues amounted KWD 2.2 billion in the same period, the sources added.
According to these figures, Kuwait’s oil sales in FY18/19 saw higher growth, up KWD 4.5 billion from revenues previously expected by Minister of Finance Naif Al-Hajraf.
Al-Hajraf previously forecast that oil revenues to hit KWD 13.3 billion in the 12-month period ended last March.
As for the expected budget deficit in FY18/19, the sources stated that the MoF has not yet finalised settling budgets of state-run authorities.
The sources projected that the nation’s preliminary budget deficit would amount to KWD 4.3 billion after excluding reserves of next generations.
The expected deficit is to be achieved if the value of all expenditures in FY18/19 budget would be spent.
Expenditures in the previous-year budget rose to KWD 21.5 billion, in addition to KWD 1.35 billion as additional financial provisions, and 10% which would be deducted for next generations.
