The level of liquidity in the public treasury is finally looking bright thanks to oil revenues, to an extent that it has given boost to the optimism of officials of the Ministry of Finance has increased at the end of the current fiscal year witnessing surpluses again, after 8 years of consecutive and historical deficits.
Informed sources told a local Arabic daily that “the growth in the state’s monthly revenues is approximately 600 million dinars, compared to the corresponding months of the last fiscal year.” The sources explained “all public expenditures for the June of about 1.9 billion, are scheduled to be paid, with the support of revenues generated from the same month which was about 2.1 billion.”
The sources noted that “the total claims due for the last fiscal year (the deficit) after paying June’s expenses was 2.3 billion,” and explained that “these figures reflect an increase in the financial capacity of the state by about 46 percent, supported by the increase in the state’s exceptional monthly revenues from oil sales.”
The sources pointed out that “among the expenses that will be paid for the current month — 300 million dinars are allocated per month to pay the specified installments, the deficit of the last fiscal year, in addition to 300 million dinars that will be paid to the Kuwait Petroleum Corporation owed by the Ministry of Electricity and Water, leaving the ministry 140 million expected to be paid next month.”
Read Today's News TODAY... on our Telegram Channel click here to join and receive all the latest updates t.me/thetimeskuwait
