Kuwait’s $21 Billion Budget Surplus Ends Nine Years of Deficits, Driven by Oil - Bloomberg
Kuwait ended nine straight years of budget deficits as a boom in oil revenue and more controlled spending delivered a boost for one of the Middle East’s biggest crude producers.
The OPEC member reported a surplus of 6.4 billion dinars ($21 billion) for the year through March, after revenue gained 55% on the previous year. The figure compares with a shortfall of 4.3 billion dinars in 2021-2022.
The country’s accounts “have experienced a healthy recovery in terms of liquidity, driven mostly by rebounding crude-oil prices during the fiscal year and aided by controlled expenditure,” Acting Finance Minister Saad Al-Barrak said Wednesday.
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