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Kuwaiti finance minister reveals final capital account
August 2, 2018, 9:08 am
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Kuwait Finance Minister Dr. Nayef Al-Hajraf in a live web conference involving local and global business communities.

Kuwait's Finance Minister Dr. Nayef Al­Hajraf has divulged the state budget's final statement of account details for the fiscal year ending March 31, 2018 in a live web conference involving local and global business communities.

The initiative reflects the Kuwaiti financial apparatus' determination to share monetary information in a clear and transparent manner, as well as its desire to engage the business community, the Kuwaiti finance ministry said in a statement.

He said that the webcast brought together more than 70 financial institutions from around the world, all of whom listened intently as the Kuwaiti finance minister explained the intricacies of the state budget's final account. The participants were also allowed to field questions ranging from the last fiscal year performance to existing economic policies in Kuwait, the statement added.

The ministry had previously revealed that the fiscal deficit dropped by 18.1 percent by the end of the last fiscal year, while non­oil revenues surged by 21.7 percent.

Meanwhile, oil revenues stood at KD 14.3 billion (around USD 47 billion), up 22.2 percent from last year, while total revenues increased by 22.1 percent from last year to reach KD 16 billion (USD 52.7 billion. The fiscal year in Kuwait starts on April 1 of each year and ends on March 31 of the following year.

Source: KUNA

 

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