Kuwait’s final budget surplus for the first 9 months of FY 2013/2014 (Apr-Dec) fell 16.8% y/y to KWD 8.34bn (USD 29.47bn) after making allocations for the Fund for Future Generations (FFG) on higher expenditures, monthly bulletin of the finance ministry reported.
Total revenues dropped 1.1% y/y to KWD 24.26bn on the back of declining oil income at KWD 22.19bn, down 2.8% y/y, being partly offset by rising non-oil revenues, up 25% y/y at KWD 1.78bn, over the period.
Total expenses before allocating for FFG were up 18.1% y/y to KWD 9.64bn due to a significant 10.2% y/y jump in salaries to KWD 2.52bn and a 41.7% surge in Miscellaneous Expenses and Transfer Payments to KWD 5.01bn. Moreover, Kuwait’s overall expenses taking into account FFG rose to KWD 15.63bn in the first 9 months of FY 2013/2014 compared to KWD 14.22bn in the same period the previous year. Traditionally, Kuwaiti budgets allocate 25% of oil revenues to FFG for the benefit of posterity.
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