Kuwait Earns 11.47 Billion Dinars In Oil Revenues In 9 Months Of 2021, Thanks To High Oil Prices

The continued improvement in oil prices gives positive indicators of better performance for the state’s general budget, as it achieved an increase in the volume of oil revenues during the first 9 months of the year by 26% compared to the estimated revenues for the whole year, bringing the percentage of oil revenues collected at the end of December to 126%, amounting to 11.47 billion dinars, compared to 9.12 billion estimated for the current fiscal year as a whole.

The state budget deficit decreased by 87% during the first 9 months of the current fiscal year, driven by the continuous improvement in oil prices, which recently broke the $86 barrier. The deficit decreased during the period beginning from April until the end of December 2021 by about 4.7 billion dinars, to record a deficit of 682.4 million dinars, compared with 5.39 billion dinars for the same period last fiscal year, reports Al-Anba daily.

The volume of expenditure and commitment during the first 9 months of the current fiscal year increased by 11%, worth 1.36 billion dinars, to reach about 13.66 billion dinars at the end of December, compared with 12.3 billion dinars for the same period last year.

In terms of revenues, the percentage of collection of total actual to estimated revenues during the fiscal year amounted to about 119%, an increase of 2 billion to reach 12.98 billion dinars at the end of December, compared to 10.9 billion estimated for the entire fiscal year.

Regarding the details of non-oil revenues, the volume of collection of revenues from taxes and fees amounted to about 65.6%, with a value of 345 million dinars, compared with 526.11 million estimated for the whole year, while the percentage of the collected social contributions amounted to about 50071.6%, with a value of 55 million dinars, compared with 110 thousand dinars estimated in the budget, and the rate of collection of other revenues amounted to 87.3%, with a value of 1.1 billion dinars, compared to 1.26 billion estimated in the budget for the whole year.

In terms of expenditures, the state spent 59.3% of the total estimated appropriations in the budget in the first 9 months, where the total expenditure and commitment amounted to 13.68 billion dinars out of 23.04 billion approved for the whole year, while the rate of spending on workers compensation amounted to 74% of the appropriations at 5.966 billion dinars. Compared to 8.06 billion approved for the full year.

In the first 9 months, the government spent 62% of the appropriations for goods and services at 1.152 billion dinars out of 3.47 billion dinars approved for the whole year, and 57.3% of the appropriations of subsidies at 482 million dinars out of 840,551 approved for the whole year.

The government spent half of the “grant” appropriations in 9 months at 2.77 billion dinars out of 5.55 billion dinars approved for the entire fiscal year, while it spent 55% of the social benefits appropriations at 591 million dinars out of 1.07 billion approved for the entire fiscal year, and spent 45% Of expenditures and other transfers amounting to 641.58 million dinars out of 1.42 billion approved for the entire fiscal year.

Debts owed to the government increased during the period from the first of last April to the end of December 2021 by 15.4%, with a value of 267 million dinars, to record 1.996 billion dinars at the end of December, compared to 1.72 billion dinars on the first of last April.

Debts owed by the government increased by 3.8%, amounting to 15.46 million dinars, to 424.74 million dinars at the end of last December, compared to 409.277 million dinars last April.

The data revealed an increase in the value of government tax dues by more than 21%, amounting to 57.1 million dinars, to 326,899 million dinars at the end of December, compared to 269.79 million at the beginning of last April.

The capital expenditure rate during the first 9 months of this year reached 40% of the estimated appropriations, as the state spent 1.059 billion dinars on the purchase of non-current assets out of 2.62 billion dinars approved in the budget for the whole year.

 

 

 

SOURCE  TIMESKUWAIT

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