94.5 Percent Decrease In Budget Deficit In 120 Days

The state’s general budget recorded a deficit of 49.912 million dinars in the first four months of the current fiscal 2021/2022, down by 94.5 percent from the deficit achieved during the same period of fiscal 2020/2021, when the deficit at that time was 906.626 million dinars.

According to the monthly follow-up report issued by the Ministry of Finance for state’s finances management from the beginning of April to the end of last July, the total revenues was 5.16 billion dinars, or 47.2 percent of the total estimated revenues for the entire current fiscal year amounting to 10.929 billion dinars, while the total recorded revenues during the first four months of fiscal 2021/2022 jumped by about 114 percent compared to revenues achieved in the same period of 2020/2021, which was 2.41 billion dinars.

The oil revenues during from last April to July was about 4.689 billion dinars, which constituted about 51.4 percent of the total estimated oil revenues for the entire current fiscal year, while oil revenues rose during the four months by about 110.36 percent compared to the corresponding period of the last fiscal year which was 2.229 billion dinars.

As for non-oil revenues, in the first four months it was 470.428 million dinars during the first four months of the fiscal 2021/2022, which constituted 26.1 percent of the total non-oil revenues estimated for the entire fiscal year, while recording an increase of about 160.37 percent compared to the same period of 2020/2021 when non-oil revenues harnessed 180.68 million dinars.

The total expenditures of government institutions from last April to July was about 3.463 billion dinars, an increase of about 17% compared to the expenditures of the same period of the last fiscal year, which was 2.96 billion dinars.

The total expenditure in addition to the commitment to the first chapter of the budget related to workers’ compensation (salaries) amounted to about 2.557 billion dinars from April to the end of last July, or about 31.7 percent of the total approved for this chapter in the budget for the entire fiscal year, which amounted to 8.066 billion dinars. As for the expenditure and commitment on Chapter Two (goods and services), it amounted to 658.487 million dinars, or 19 percent of the total approved in the budget for the full year, which amounted to 3.47 billion dinars.

The total expenditure and commitment on Chapter Five (subsidies) was about 35.615 million dinars in the first four months of 2021/2022, which constituted only 4.2 percent of the total approved for the entire fiscal year of 840.551 million dinars, while the total expenditure and commitment on Chapter Six (Grants) amounted to Its value is 1.306 billion dinars, or about 23.5 percent of the budget approved for the full year, amounting to 5.55 billion dinars.

As for the expenditure and commitment on Chapter Seven (social benefits), it was 262.121 million dinars from last April to July, which constituted about 24.4 percent of the total approved for the fiscal year of 1.072 billion dinars.

Debts owed to the government rose by 27.92 percent to 1.75 billion dinars at the end of last July, compared to 1.368 billion dinars in the same month last year.

As for the debts owed by the government, it decreased by 23.95 percent, recording 406.256 million dinars at the end of July 2021, compared to 534,691 million in July 2020, while the decrease in those debts amounted to 0.7 percent since the beginning of the current fiscal year, after it was 409.277 million in early April.

The total current spending during the first four months of 2021/2022 was about 3.336 billion dinars, representing 16.4 percent of the total approved in the budget for the full fiscal year, amounting to 20.296 billion dinars.

As for capital spending from last April to July, it was only 127.104 million dinars, or about 4.8 percent of the total budgeted capital expenditures for the entire fiscal year, which was to 2.621 billion dinars.

 

SOURCE    :      TIMES KUWAIT

Comments Post Comment

Leave a Comment

Submit