KUWAIT CITY, Jul 27 (NNN-KUNA) – Kuwait recorded its first budget surplus in nine years, in the fiscal year ending Mar 31, the Finance Ministry announced, yesterday.
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 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, 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 fluctuations in the oil market in the short term, and enable us to rise above the interim challenges,” he added.
