Kuwait ‘could see a budget surplus of $28bn’

Kuwait ‘could see a budget surplus of $28bn’:

"An oil price of between $94 and $100 per barrel in the financial year 2013/14 could generate a budget surplus for Kuwait of between KD8 ($28 billion) and KD11 billion this fiscal year, a report said.

Although the closing accounts for FY2012/13 have not yet been released, the budget is expected to have recorded a massive surplus as oil prices averaged a record $107 per barrel for the fiscal year, added the latest Economic Update from the National Bank of Kuwait (NBK).

If spending comes in at 10-20 per cent below the government’s forecast, then last year’s budget surplus could end up between KD12.8 billion and KD15.0 billion before allocations to the Reserve Fund for Future Generations (RFFG), said NBK in the report."

'via Blog this'