Kuwait's budget surplus hits $22.4b
8/30/2010

(MENAFN) The Kuwaiti government has reported a budget surplus of $22.4 billion in the past fiscal year on the back of strong oil revenues, AFP reported. This is the third largest windfall in the Gulf stateï?½s history and its 11th consecutive year of budget surpluses, which have allowed Kuwait to accumulate $145 billion in public revenues. In the 2007-2008 fiscal year, Kuwait posted its largest-ever budget surplus of $32.3 billion, while in the previous fiscal year it posted a surplus of around $24 billion. The oil-rich emirate posted actual revenues of $61.5 billion in the fiscal year that ended on March 31, up 119 percent on budget projections of 28.1 billion dollars, Al-Shall Economic Consultants said, citing finance ministry figures. However, the figure is down on the record 2008-2009 income of $72.3 billion due to a drop in oil prices and lower output because of OPEC quotas.