Kuwait’s total revenues in the 1999/2000 fiscal year which ended June 30 reached $17 billion, a post-Gulf War record, as oil prices soared, Al-Shall Economic Consultants declared.
Earnings from oil also hit a new 10-year record with $15.6 billion, constituting 91.8 per cent of the emirate’s public revenues, the independent think-tank said in its weekly report, quoting Central Bank figures.
Although total expenditure for the same year has not been finalized, Al-Shall estimated Kuwait’s fiscal surplus at 1-1.2 billion dinars ($3.25-3.9 billion), the largest in 15 years. Non-oil revenues, which accounted for 431 million dinars ($1.4 billion), remained well below expectations due to delayed economic reforms.
Returns from the emirate’s 60-billion-dollar foreign assets, estimated at about three billion dollars, are not included in this surplus. Based on an average oil price of 27 dollars a barrel, and a production of 2.2 million barrels per day (bpd), Al-Shall estimated oil revenues in the first quarter of 2000/2001 fiscal year at 1.650 billion dinars ($5.37 billion).
In July and August alone Kuwait collected 967 million dinars ($3.15 billion) from oil exports. Kuwait’s Organization of Petroleum Exporting Countries output quota was raised to 2.101 million bpd from October 1.
Kuwait’s current fiscal year, which started on July 1 and ends on March 31, 2001, was reduced to nine months because of a change in the year so as to start on April 1 rather than July 1. It projects a deficit of five billion dollars.The emirate looks headed for another record surplus for the second successive year with oil prices currently at 10-year highs. – AFP
©--Agence France Presse.
