Kuwait expecting $19.6bn budget surplus

19 August 2010

According to a forecast by the National Bank of Kuwait (NBK), the Gulf state could record a budget surplus of up to KD5.7bn ($19.6bn) this fiscal year despite boosting spending by 33%, AFP has reported. The budget, which was passed by parliament in June, projects a deficit of $22.7bn at the assumption of an oil price of $43 a barrel but actual price has so far been between $70 and $80 a barrel. Revenues are estimated at $33.5bn while spending is estimated at $56.2bn, NBK said.

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