Budget Expected To Rise From Kd 10.4 Bln To Kd 13.3 Bln

Minister Al-Sabeeh Sunday led a high-level Kuwaiti delegation to Geneva, Switzerland to attend the 106th International Labor Conference. She revealed that there were no observations registered against Kuwait for discussion.

The current budget income is expected to increase from KD 10.4 billion as recorded in March 2017 to KD 13.3 billion at a rate of 21.8 percent. The same sources added KD 1.3 billion of income will be allocated to the Fund of Future Generations. They pointed out that oil income in the present budget went up by KD 11.7 billion with surplus of KD 3.8 billion for fiscal year 2016/2017 based on $45 per barrel sale.

They added income tax and fees generated KD 494.8 million, indicating additional revenue of KD 19 million compared to last year. They noted the declining oil price in the global market is the reason for budget deficit recorded over the past three years. They also said the current oil price of $ 45 per barrel and increase in production of natural gas will contribute to reduce deficit in the public budget.

 

SOURCE : ARABTIMES

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