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.
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