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KUWAIT: Deputy Prime Minister and Minister of Finance Anas Al-Saleh said yesterday that the total state income of fiscal year 2017-18 is estimated at KD 13.3 billion (some $43.9 billion) in revenues, with 30 percent increase compared to previous fiscal year.
Oil revenues for the 2017-18 year, set on oil price at $45 per barrel, amount to KD 11.7 billion (some $38.6 billion), while non-oil revenues hit KD 1.6 billion (some $5.2 billion), and expenditures are estimated at some KD 19.9 billion (some $65.7 billion). Deduction of future generations' reserve reach some KD 1.3 billion (some $4.2 billion), Saleh added.
He made his remarks in a speech at the Parliament's special session to discuss the parliamentary budgets and final accounts committee's reports on drafting bills to approve final accounts of fiscal year 2015-16.
The draft bills also aim at linking the 2017-18 budget with Kuwait Petroleum Corporation (KPC) and its affiliated companies, in addition to the Public Institution for Social Security (PIFSS), Kuwait Institute for Scientific Research (KISR), the state financial administration, and other state bodies' administrations. The 2017-18 state budget deficit hits around KD 7.9 billion (some $26.1 billion), the minister said, noting that Kuwait is planning to finance the current deficit through a balanced strategy.
Meanwhile, the minister indicated that Kuwait was able to issue public debt tools at the international market via marketing a $8 billion-worth of bonds in return of distinctive prices and conditions that are "much better" compared with other oil exporting countries in the Gulf. - KUNA