Kuwait’s budget sees unprecedented jump in last fiscal

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KUWAIT CITY, April 4: The State revenues last month saw an unprecedented jump in surpluses since the beginning of the fiscal 2022/2023, reports Al-Rai daily. The sources indicated that the state revenues for March exceeded 3 billion dinars, compared to expenditures of approximately 2.3 billion dinars, thus achieving a surplus of approximately 775 million, taking into account that there are other financial revenues included in non-oil items. The revenues of last March come after about 5 months in which public expenditures increased or equaled with public revenues, which constituted a deficit for more than one consecutive month.

The sources indicated that the average monthly surpluses achieved during the past fiscal year in favor of monthly revenues in exchange for expenditures usually ranged with an estimated average difference between 200 and 300 million dinars, which means accounting that the public revenues recorded for the last month achieved a double surplus of nearly 3 times compared to that achieved in other months.

Speaking of the secret of the jump in the surpluses of last March compared to other months despite the decline in the oil price in the past months compared to the oil revenues recorded at the beginning of the fiscal year, the sources revealed that the main reason for this is due to the Ministry of Finance following a circular mechanism binding the liquidity used in the implementation of settlements due between government agencies, specifically the biggest ones. The sources noted the success of several government agencies during the past fiscal year in reducing their expenditures to a large extent, helped financial policy makers contain the increase in all exceptional liabilities this year.

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