Mar 25 2012
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Kuwaiti fiscal surplus put at over KD10 bn
Budget to record another surplus in fiscal year 2012-2013
National Bank of Kuwait (NBK) assumed three cases for the surplus involving lower oil prices and spending, a base case and a high case.
In the three cases, the surplus in fiscal 2011-2012 will range between KD10.28 billion and KD11.68 billion (Dh133-152 billion) before allocations to the Reserve Fund for Future Generations (RFFG), it said.
But it added that public spending usually accelerates towards the end of the fiscal year, pushing the surplus back down.
"The outlook for next year contains a great deal of uncertainty, but based upon recent press reports of the government's proposed budget, fiscal year 2012/2013 could see another huge surplus," it said.
In the official projections, expenditure is projected to rise by 13 per cent to KD 22 billion (Dh286 billion) and oil prices are assumed to average an ultra conservative $65, resulting in a projected KDeight billion budget deficit.
"Based upon our price scenarios above, however, and assuming that spending comes in below budget, we project a surplus of between KD 4.8 billion and KD 15.5 billion before allocations to the RFFG."
© Emirates 24|7 2012
© Copyright Zawya. All Rights Reserved.
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