Kuwait national revenues hit $93.8 billion in fiscal year, driven by high oil price
Kuwait’s Ministry of Finance said revenues reached KD28.8 billion ($93.8bn), rising by 54.7 per cent, in the fiscal year 2022-2023.
The Ministry noted that oil proceeds stood at 92.7 per cent of the achieved income for the year.
Oil revenues amounted to KD26.7bn ($87bn), rising by 64.7 per cent, while non-oil proceeds reached KD2.1bn ($6.8bn), falling by 12.8 per cent.
Kuwait budget report
Total expenditures reached KD22.4bn ($73bn), with a fall of 2.6 per cent, the Ministry said.
The Ministry noted that the budget saving was estimated at KD1.1bn ($3.5bn) compared to projections of the budget for the fiscal year 2022-2023.
Average oil price was recorded at $97.1per barrel, rising by 21.4 per cent, while daily output of the crude reached 2.693m barrels a day.
Payments and subsidies constituted 78 per cent of the whole expenditures and actual capital spending reached nine per cent of the total expenditures.
Deputy Prime Minister, Minister of Oil and Minister of State for Economic Affairs and Investments and the Acting Minister of Finance, Dr. Saad Al-Barrak said Kuwait enjoys a solid financial status, huge reserves and monetary and financial stability.
These factors solidify the State vis a vis oil market’s jitters in the short term “and enable us to rise above the interim challenges and seize opportunities emanating from these challenges,” the minister said.
He added that the government is fully ready to discuss the final account with the legislative authority and expressed gratitude to the cabinet for supporting the ministry of finance and the State financial apparatus.
