LOC20:36
17:36 GMT
KUWAIT, Jan 11 (KUNA) -- Kuwait's state budget surplus for the fiscal year
2011-2012 is forecasted to be in the neighborhood of KD 9-10 billion, showed
an economic report here Wednesday.
A Kuwaiti dinar is equal USD 3.58.
Since the beginning of the present FY eight months ago, total public
spending has hit KD 7.1 billion, down 0.8 percent over the same period last
year, according to the report, released by the National Bank of Kuwait (NBK).
Revenues have totaled KD 18.7 billion, up 42 percent on an annual basis, it
said, ascribing the "marked" hike to surging oil prices and proceeds.
Actual revenues made up 140 percent of their estimated level in the state
budget for the whole year, the report indicated.
Over the first eight months of the present FY, the budget surplus has hit
KD 11.6 billion, while actual spending has accounted for 37 percent of the
preliminary figure mentioned in the budget for the whole year.
Spending on salaries and pays amounted to KD 1.6 billion, up 8.3 percent
over the same period of the FY 2010-2011, while a total of KD 1.3 billion
were spent on commodity requirements and services, up 5.4 percent compared to
the same period last year.
A sum of KD 58 million went to machinery and equipment, a rise of 7.4
percent, the report added.
Construction projects and maintenance works had a share of KD 666 million,
constituting 27 percent of the preliminary level estimated in the budget.
On the other hand, total revenues have so far reached KD 18.7 billion,
remarkably exceeding the preliminary figure estimated in the budget for the
whole year, thanks to hiking oil earnings, the NBK-released report showed.
The average prices of Kuwaiti crude oil have been in the vicinity of KD 108
per barrel over the first eight months of the current FY. (end)
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