Kuwait set to post $24 billion budget surplus

 Kuwait is set to post a surplus of 24 billion dollars in the current fiscal year on the back of higher oil prices, despite projecting a shortfall, an economic report forecast on Sunday. Revenues for the oil-rich emirate are expected to hit $61.8 billion in the year to March 31, far above budget projections of $28.1 billion, said the report by the private National Bank of Kuwait.
Oil income, which makes up about 94 percent of total revenue, is expected to reach $57.8 billion, also considerably higher than the budget forecast of just $24.1 billion.
Kuwait calculated oil income at a conservative price of $35 a barrel, while average price for the year is expected to be double that at around $69.5, according to the report.
Spending is forecast to reach $37.8 billion, about 10 percent below budget projections of $42.1 billion, the bank said.
Kuwait, the fourth largest producer in the oil cartel OPEC, posted a preliminary budget surplus of $25.2 billion in the first nine months of the fiscal year, according to the Finance Ministry’s website.
The huge surplus is expected to fall in the final quarter due to end-of-year accounting adjustments when pledged expenditure not included so far will be added to the closing statements.