Mubasher: Kuwait’s oil revenues dipped by 20.95% year-on-year (YoY) during the first nine months of fiscal year 2019/2020, according to the monthly report issued by the Ministry of Finance.
The GCC nation's oil revenues reached KWD 11.588 billion ($38.256 billion) in the April-December period in FY19/20, representing 83.6% of KWD 13.863 billion estimated for the full FY19/20, compared to KWD14.659 billion ($48.399 billion) in the year-ago period.
The drop in revenues has contributed to the reduction in Kuwait’s overall revenues by 19.20% to total KWD 12.675 billion in the nine-month period ended 31 December 2019, compared to KWD 15.686 billion in the corresponding period in 2018.
Moreover, Kuwait has transferred 10% or KWD 1.268 billion of its revenues to the future generations’ reserve during the first nine months of FY19/20, down by 19.11% from KWD 1.57 billion a year earlier.
In addition, Kuwait’s expenditures and commitments surged by 13% to reach KWD 13.684 billion for the nine months last year from KWD 12.109 billion in the prior-year period.
Generally, Kuwait recorded a budget deficit worth KWD 2.276 billion ($7.515 billion) during the nine-month period ended 31 December 2019.
It is worth noting that the Kuwaiti fiscal year starts on 1 April each year and ends on 31 March the following year.
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