Kuwait Records 1St Budget Surplus In 9 Years

2023-08-01 01:19:31

(MENAFN- Famagusta Gazette) Kuwait recorded its first budget surplus in nine years in the fiscal year ending on March 31, the Finance Ministry announced Wednesday.

Kuwait registered a surplus of 6.4 billion Kuwait dinars (20.85 billion U.S. dollars) in the fiscal year 2022-2023, the ministry said in a statement published on its website.

Actual revenues reached 28.8 billion dinars, up by 54.7 percent, in the fiscal year, while total expenditure arrived at 22.4 billion dinars following a dip of 2.6 percent, Kuwait's official KUNA news agency reported, citing the ministry's statement.

Actual oil revenues were up by 64.7 percent over the fiscal year to reach 26.7 billion dinars, the ministry said, adding that during the period, the average oil price stood at 97.1 U.S. dollars per barrel.

“Kuwait enjoys a solid financial status, abundant reserves as well as monetary and financial stability,” Kuwaiti Deputy Prime Minister, Minister of Oil and Minister of State for Economic and Investment Affairs Saad Al-Barrak was quoted by the statement as saying.

“All of these factors protect the country from the fluctuations in the oil market in the short term, and enable us to rise above the interim challenges,” he added. ■

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