$20.8bln surplus in final account: Kuwait

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The Ministry of Finance announced on Wednesday recording a surplus in the State final account amounting to KD 6.4 billion (USD 20.8 billion) in the fiscal year 2022-2023, vis a vis actual deficit of KD 4.3 billion (USD 14 billion) in the previous fiscal year.

The Ministry of Finance said in a press release that actual revenues reached KD 28.8 billion (USD 93.8 billion), rising by 54.7 percent, in the fiscal year 2022-2023, noting that oil proceeds stood at 92.7 percent of the achieved income. Actual oil revenues amounted to KD 26.7 billion (USD 87 billion), rising by 64.7 percent, while actual non-oil proceeds reached KD 2.1 billion (USD 6.8 billion), falling by 12.8 percent).

Total actual expenditures reached KD 22.4 billion (USD 73 billion), with a fall of 2.6 percent, the press release said, also noting that the budget saving was estimated at KD 1.1 billion (USD 3.5 billion) as compared to projections of the budget for the fiscal year 2022-2023. Average oil price was recorded at USD 97.1 per barrel, rising by 21.4 percent, while daily output of the crude reached 2.693 million barrels a day. Payments and subsidies constituted 78 percent of the whole expenditures and actual capital spending reached nine percent of the total expenditures.

The press release quoted Deputy Prime Minister, Minister of Oil and Minister of State for Economic Affairs and Investments and the Acting Minister of Finance, Dr. Saad Al-Barrak, as saying Kuwait enjoys a solid financial status, huge reserves and monetary and financial stability. These factors solidify the State vis a vis oil market’s jitters in the short term “and enable us to rise above the interim challenges and seize opportunities emanating from these challenges,” the minister said. The government is fully ready to discuss the final account with the legislative authority, he said, expressing gratitude to the cabinet for supporting the ministry of finance and the State financial apparatus. (KUNA)