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Thu 23 Dec 2010 05:06 PM

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Kuwait posts $24.25bn budget surplus in first 8 months

Oil exporter's state income was KD13.2bn and spending was KD7.1bn - finance ministry

Kuwait posts $24.25bn budget surplus in first 8 months
KUWAIT WATCH: Kuwait had a preliminary budget surplus of KD6bn ($21.24bn) in the first eight months of the fiscal year that ends March 31

Kuwait had a preliminary budget surplus of KD6bn ($21.24bn) in the first eight months of the fiscal year that ends March 31, the finance ministry said.

State income was KD13.2bn and spending was KD7.1bn, according to data posted on the ministry’s website on Thursday.

Kuwait may post a budget surplus of as much as $18.9 billion for the current fiscal year as the first six months’ revenue topped government forecasts for the whole year, the National Bank of Kuwait said.

The surplus will total between $12.1 billion and $18.9 billion, the country’s largest commercial bank forecast in an emailed report in November.

Kuwait is the only Gulf Arab state to have dropped its currency’s peg
to the dollar, giving it more control over monetary policy.