3.7 Billion Dinars More In Kuwait's Oil Revenues In 10 Months Than It Projected For The Fiscal Year

The Kuwaiti general budget deficit decreased by 92.5 percent from the 5 billion dinars it amounted to during the first ten months of the last fiscal year, when it reached 406.426 million dinars.

According to the monthly report on the state's financial management issued by the Ministry of Finance, As the Al-Rai daily reports, revenue during the period from April 2021 to January 2022 was about 14.49 billion dinars, an increase of 32.6 percent over revenue for the whole current fiscal year, which was about 10.929 billion, and an increase of 84.5 percent over the revenue level achieved during the first ten months of the last fiscal year, which was 7.853 billion dinars..

The oil revenue collected in the first ten months of the current fiscal year was about 12.844 billion dinars, which exceeded the budget estimate for the entire year, which was 9.127 billion dinars by about 3.717 billion, or 40.7 percent, and about 91.3 percent more than the oil revenue collected in the first ten months of the previous fiscal year, which was 6.713 billion dinars.

The number of non-oil revenues has increased by about 44.4 percent for the first ten months of the current fiscal year to 1.646 billion dinars, making up 91.3 percent of the entire estimated non-oil revenues for the entire fiscal year, which will reach 1.802 billion dinars, indicating a significant increase compared to the same period in 2020/21, when non-oil revenues totaled 1.14 billion dinars.

During April 2021 to January 2022, government agencies spent around 11.779 billion dinars, an increase of 7.6% vs the $10.948 billion spent in the same period of the previous fiscal year, While the total commitment in the first ten months of the current fiscal represents a 34.6 percent increase over the total commitment in the same period last fiscal year of 2.316 billion dinars, which represents the amounts in the expenses that have not been recorded in the expenses account due to incomplete documentation..

Therefore, the total expenditures and commitments for the first ten months of 2021/2022 were 14.896 billion dinars, over and above the 13.264 billion dinars for the same period a year earlier, corresponding to 64.6% of the total approved for the whole fiscal year, i.e. 23.048 billion dinars.

Total expenditures from April 2021 until the end of January 2022, including the commitment to the first section of the budget, were about 6.627 billion dinars. That represents 82.2 percent of the amount approved in this section for the entire fiscal year, which was 8.066 billion dinars. It was 2.212 billion dinars or 63.7 percent of the budget approved in the full year, or 3.47 billion dinars, for the expenditure and commitment on Chapter Two (goods and services).

A total amount of 508.557 million dinars was spent and committed on Chapter Five (subsidies) in the first ten months of fiscal year 2021/2022, or about 60.5 percent of the overall budget of 840.551 million dinars, while 3.033 billion dinars was spent and committed on Chapter Six (grants), or about 54.6 percent of the total budget of 5.55 billion dinars approved for the entire year.

68.2 percent of the total budget approved for the full fiscal year -1.072 billion dinars - was spent and committed for Chapter Seven (social benefits).

The total capital expenditures between April 2021 and January 2022 were about 901,89 million dinars, which is 34.4% of the 2.621 billion dinars approved in the budget for the full fiscal year, while capital spending increased by 29.2% compared to the same period in the previous fiscal year. A total of 697.829 million dinars was spent in the past.

According to figures for the end of January, the government owed 1.905 billion dinars, up 31.4 percent from 1.45 billion dinars the previous month. After being 1.729 billion dinars last April, those debts rose by about 10.1 percent in the first ten months of the current fiscal year.

The government's debt decreased by 16.2% during the month of January, sitting at 433.697 million dinars at the end of January 2022, down from 517.724 million dinars in January 2021, and rising by 6% since April last year, when it was 409.277 million dinars.

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