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Kuwait budget surplus to top twenty billion dollars
Cat : Sustainable development
Date : 2006-10-08 17:32:44                      Reader : 311
wealth ? They should consult Malysia that developed non oil resources to ensure its future . All know that oil will last one day, so it is their duty to exploit the surplus to promote and develop non oil sources to face the future.


Sustainable Development

Associated France Press (AFP) 8/10/2006

Kuwait budget surplus to top twenty billion dollars


KUWAIT CITY (AFP) - OPEC member Kuwait is forecast to post a budget surplus of more than 20 billion dollars in the current fiscal year for the second year in a row, a local economic report said.

Al-Shall Economic Consultants said the oil-rich emirate is expected to post record income of 59 billion dollars in the current fiscal year 2006-2007 which ends on March 31.

Oil income is forecast to contribute 56.1 billion dollars to the total revenues, the report said.

If the Gulf state spends all the projected expenditure of 37.6 billion dollars, a net surplus of 21.4 billion dollars will be posted, Al-Shall said.

More than 7.5 billion dollars of the expenditure is a one-time payment of arrears to the state-run pension agency.

Kuwait, which produces 2.5 million barrels of oil daily, posted a record budget surplus of 23.8 billion dollars in the previous fiscal year of 2005-2006.

Kuwait calculated its oil revenues in the current budget at a conservative price of 36 dollars a barrel, while the average for the first six months of the year has been 63.3 dollars.

In the first five months of the fiscal year, Kuwait earned 24.2 billion dollars of mainly oil income, the finance ministry said.

This would be Kuwait's eighth straight windfall year. In the past seven years, its budget surplus totalled about 54 billion dollars.

Returns on the emirate's foreign assets, estimated in 2005 at more than five billion dollars, do not show in the budget.

Independent reports estimate Kuwait's total financial assets at about 166 billion dollars at the end of March this year, most of which are in foreign holdings.

Kuwait sits on about 10 percent of the world's oil reserves and has a native population of one million people, in addition to two million foreign residents.


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