Kuwait’s budget spending will rise 3.2% y/y to KUD 21.8bn (USD 77.4bn) in the new fiscal year 2014/15, starting April, daily Al-Qabas reported on Jan 24. The draft budget forecasts a 11.1% y/y hike in revenue to KUD 20.1bn assuming an oil price of USD 75 per barrel, up from USD 70 in the previous fiscal year.
The draft budget, thus, envisages a KUD 1.7bn preliminary deficit. Kuwait has recorded large budget surplus over the past twelve years given the conservative oil price assumed annually when preparing the state budget.
Oil production will reach 2.7mn bpd, according to the draft budget. Oil income is projected to total KUD 18.8bn in the FY 2014/15 (94% of total budget proceeds). Non-oil revenue will reach KUD 1.26bn.
Current spending will account for 87% of total spending mainly on salaries, subsidies and social services.
Related Articles
Iraq holds talks with Excelerate Energy on buying first LNG from US
Iraq is in the final stages of negotiating its first-ever purchase of LNG supplies as power outages hamper the Middle East country, Bloomberg reported on June 26. Dallas-headquartered Excelerate ... more
Reformist Kamil al-Tayeb Idris appointed as Sudan’s new Prime Minister
Sudan’s Sovereign Council head, Abdel Fattah al-Burhan, issued a constitutional decree on May 19 appointing Kamil al-Tayeb Idris as the new prime minister, Al Sharq Al Awsat reported. He also ... more
Egypt examines LNG supply offers from Saudi Aramco, UAE’s Adnoc, Algeria’s Sonatrach, and QatarEnergy
Egypt's state-owned gas company EGAS has received several offers to supply liquefied natural gas (LNG) shipments urgently needed for summer, Al Sharq reported on May 18, citing an unnamed government ... more
Most Read
-
Putin to skip Rio BRICS summit over ICC warrant as Xi signals no-show
20 days ago
-
Turkey yet to prove rare earth deposit has suggested “giant” potential despite reported processing talks with China
10 months ago
-
Uproar in Mongolia as development bank reveals scale of risky loans and NPLs
3 years ago