Kuwait Receives Provisional Budget Surplus Due to High Oil Prices
According to Kuwait’s Ministry of Finance, the country posted a record provisional budget surplus of 17.2 billion KWD in the initial 10 months of the fiscal year. The surplus is heavily attributed to high oil prices. Oil revenues increased 11.6% from last fiscal year. Oil earnings make up 94% of total revenues. Under Kuwaiti law, 10 % of revenues are deducted every year which go toward the country’s sovereign investment authority. In this current fiscal year, the government of Kuwait has decided to transfer 25% of revenues into the sovereign wealth fund. The fiscal year for the Kuwait government begins April 1st and ends March 31st.
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