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Oil price hike considered positive indication, may cut budget deficit – Oil employees to receive annual allowance with June pay

KUWAIT CITY, June 9: The estimated budget deficit for 2016/2017 is expected to decrease from KD 12.2 billion to KD 6 billion if the oil price continues to rise and break the $50 per barrel ceiling, reports Al-Seyassah daily quoting high-ranking sources.

Sources pointed out the recent oil price hike is considered a positive indication and it might lessen the budget deficit, especially if the $50 per barrel ceiling is broken as per the calculation of the budget price of $25 in the current fiscal term.

Sources asserted the oil price hike last week resulted in revenues surpassing the 100 percent mark – the biggest increase in 2016 with a price of $44.41 per barrel according to the price announcement made by Kuwait Petroleum Corporation.

Meanwhile, the annual allowance for oil sector employees will be deposited into their accounts along with the June salary, reports Al-Anba daily quoting a reliable source from Kuwait Petroleum Corporation (KPC). The source revealed the annual allowance will be paid retroactively starting from last April; indicating that Kuwait Oil Company (KOC), whose employees include about 10,800 Kuwaitis, allocated KD 27 million to pay the annual allowance for fiscal 2016/2017.

In the meantime, the Family Support Fund spent KD 393 million to help 16,244 citizens pay their loans, reports Al-Anba daily.

According to the latest statistical report, a total of 20,150 citizens have applied for loan payment assistance from the fund and 18,124 of which have been approved while 1,222 have yet to be decided

By Abdullah Othman Al Seyassah Staff and Agencies

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