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HomeWorldKuwait's eight-month budget surplus hits $22bn

Kuwait’s eight-month budget surplus hits $22bn

Opec member Kuwait logged a budget surplus of KD6.32 billion ($21.99 billion) in the first eight months of its 2009/10 fiscal year on higher than forecast oil revenue, data showed on Monday.

Revenue of the world’s fourth-largest oil exporter stood at KD11.17 billion at the end of November, about 138 per cent of the total revenue budgeted for the whole fiscal year, according to figures posted on the finance ministry’s website.

Oil revenue came in at 10.55 billion dinars and spending in the first eight months to November 30 amounted to KD4.85 billion, the data showed.

The Gulf state’s 2009/10 budget forecast a deficit of 4.85 billion dinars, assuming its crude, the main revenue earner, would fetch $35 a barrel. The benchmark US crude was quoted above $78 a barrel on Monday

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