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Kuwait posts fiscal deficit of KD 3.0 bn

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Ministry of Finance releases Kuwait closing accounts

KUWAIT CITY, Nov 20: The Kuwait Ministry of Finance Sunday announced the State of Kuwait’s closing accounts for the fiscal year ending March 31, 2022. The State’s accounts recorded KD18.6 billion in revenue, KD21.6 billion in expenditure, and closed with a fiscal deficit of KD 3.0 billion. The State of Kuwait’s fiscal year starts on April 1st and ends on March 31st. (By law, the Closing Accounts do not include revenue from the Future Generations Fund (FGF, the Kuwait Sovereign Wealth Fund), which is managed by the Kuwait Investment Authority.

All investment revenue from FGF activities are reinvested into the FGF as mandated by its governing law.) The Kuwait Minister of Finance H.E. Mr. Abdulwahab M. Al-Rasheed said: “Naturally the rebounding oil price in the second half of the fiscal year helped shore up Kuwait’s revenue. Kuwait has one of the strongest sovereign balance sheets in the world, with one of lowest sovereign debt to GDP levels globally, and a strong rebounding economy”.

State of Kuwait Closing Accounts 21/22 Revenue Highlights:

■ Oil revenue: KD16.2 billion, up 84.5% from last year

■ Non-oil revenue: KD2.4 billion, up 38.5% from last year

■ Total Revenue: KD18.6 billion up 76.9% from last year

■ Average Kuwaiti crude selling price for the fiscal year: USD 80.7 per barrel

■ Average oil production: 2.539 million barrels per day. 21/22 Expenditure Highlights:

■ Wages and subsidies: KD16.4 billion, comprising 76.0% of all expenditure.

■ Capital Expenditure: KD2.6 billion, comprising 12.0% of all expenditure.

■ Total Expenditure: KD21.6 billion up 1.5% from last year’s closing accounts.

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