A recent statistic revealed the general budget for the current fiscal year has achieved profits estimated at about $35 from the sale of each barrel of oil, since the beginning of the current fiscal, which is pushing towards achieving surpluses in the 2022/2023 budget after eight consecutive years of fiscal deficit that began with fiscal 2014/2015.
The figures indicated that the average price of a barrel of Kuwaiti oil during the period from April to the current September amounted to 110 dollars, compared to 75 dollars, the break-even price in the general budget, which is the price of a barrel of oil needed to achieve parity between expenditures and revenues, which means that billion surpluses await the end fiscal 2022/2023, reports a local Arabic daily.
The sources revealed that despite the achieved budget surpluses as a result of the rise in oil prices in recent months, the government’s tendency is to reduce and rationalize spending, which was evident in the recent cabinet decision since the Minister of Finance was assigned to take decisions what he deems appropriate regarding setting spending ceilings and issuing instructions to regulate spending.
