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Kuwait expected to post healthy budget surplus
KUWAIT CITY — OPEC member Kuwait is expected to post a budget surplus of up to 19.6 billion dollars in the current fiscal year despite boosting spending by 33 percent, a report said on Wednesday.
The National Bank of Kuwait, the emirate’s largest lender, said in the report that the size of the surplus would depend on the price of oil, which contributes more than 94 percent of the Gulf state’s revenues.
The budget surplus for the 2010-2011 fiscal year (April 1 to March 31) is forecast to range between “3.2 billion dollars and 19.6 billion dollars depending on oil price scenario,” NBK said.
The budget, passed by parliament in June, projects a deficit of 22.7 billion dollars at the assumption of an oil price of 43 dollars a barrel while actual price has so far been between 70-80 dollars a barrel.
Revenues are estimated at 33.5 billion dollars while spending is estimated at 56.2 billion dollars.
NBK expected the price of Kuwaiti oil throughout the fiscal year to range between 67 dollars a barrel and around 80 dollars.
Kuwait, OPEC’s fifth largest producer with 2.3 million barrels per day, has projected a deficit in each of the past 11 fiscal years but ended up with a healthy surplus each year, accumulating more than 140 billion dollars.
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