Kuwait had a preliminary budget surplus of 4.99 billion dinars ($17.5 billion) in the first six months of the fiscal year through March 2010 as oil revenue exceeded forecasts, the Finance Ministry said.
Government revenue was 8.22 billion dinars, while spending totaled 3.23 billion dinars, according to data posted on the ministry’s Web site today. Revenue fell 43 percent from the same period last year. About 10 percent of revenue will be saved in the Reserve Fund for Future Generations.
The government had forecast a budget deficit of 4.8 billion dinars for the fiscal year, based on an oil price of $35 a barrel. Oil is trading at about $78 a barrel.
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