LOC19:09
16:09 GMT
KUWAIT, July 29 (KUNA) -- Kuwait's non-oil revenues hit KD 2.1 billion (USD 6.9 billion) in the fiscal year, up 24 percent from last year, Finance Minister Nayef A-Hajraf said on Monday.
Al-Hajraf made the press remark on the occasion of the Finance Ministry's announcement of Kuwait's closing accounts for the fiscal year ending March 31, 2019.
"For the second year in a row, the State of Kuwait's non-oil revenues continued to grow by 24 percent year-on-year, capital expenditure remains a healthy proportion of the total expenses at 14 percent," he said.
"We estimate capex will reach 17 percent during the current fiscal year to stimulate economic growth and to serve Kuwait's 2035 vision, New Kuwait," the minister added.
The State's accounts recorded KD 20.5 billion (USD 67.6 billion) in revenue, KD 21.8 billion (USD 71.9 billion) in expenditure, up 13.5 percent over the previous year, he elaborated.
Kuwait's total oil revenue amounted to KD 18.4 billion (USD 60.7 billion), up 29 percent from last year, the Kuwaiti finance minister said.
The recorded fiscal deficit for the year before accounting the transfer to the State's Future Generations Fund (FGF) is KD 1.29 billion (USD 4.2 billion), down 60 percent over the previous year, Al-Hajraf said.
The recorded fiscal deficit post-FGF transfer is KD 3.3 billion (USD 10.8 billion), down 31 percent from last year, he said, adding that this is the fifth consecutive year of deficits for the State of Kuwait.
Average Kuwaiti crude selling price for the fiscal year is USD 68.62 per barrel, the finance minister remarked.
Capital expenditure accounted for 14 percent of total expenditure, while wages and subsidies accounted for 75 percent of all expenditure, Al-Hajraf pointed out.
The State of Kuwait's fiscal year starts on April 1st and ends on March 31st.
As mandated by law, 10 percent of all revenues is transferred to State's Future Generations Fund (FGF).
Today's announcement by the Ministry of Finance coincides with the submission of the State's closing accounts to the Kuwait National Assembly (parliament). The State's closing accounts must be ratified by parliament in order to be considered final. (end)
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