Kuwait’s general budget deficit amounted to 406.426 million dinars during the first ten months of the current fiscal 2021/2022, down by 92.5 percent from its level in the corresponding period of the last fiscal year, when it amounted to 5.41 billion dinars.
According to the monthly follow-up report issued by the Ministry of Finance for the accounts of the state’s financial management, the total revenues during the period from April 2021 to January 2022 was about 14.49 billion dinars, an increase of 32.6 percent over the estimated revenues for the entire current fiscal year, which was about 10.929 billion, and a growth of 84.5 percent over The level of revenues achieved during the first ten months of the last fiscal year, which amounted to 7.853 billion dinars, reports Al-Rai daily.
The oil revenues collected in the first ten months of the current fiscal year was about 12.844 billion dinars, which is more than the budget estimated for the entire fiscal year, that is 9.127 billion dinars by about 3.717 billion, or 40.7 percent, while the increase was about 91.3 percent compared to the oil revenues achieved in the first ten months of the last fiscal year, which was 6.713 billion dinars.
As for non-oil revenue, it was 1.646 billion dinars during the first ten months of the current fiscal year, and constituted 91.3 percent of the total estimated non-oil revenues for the entire fiscal year, amounting to 1.802 billion, while recording an increase of about 44.4 percent compared to the same period of 2020/2021, when non-oil revenues at that time amounted to 1.14 billion dinars.
The total expenditures of government agencies from April 2021 to January 2022 was about 11.779 billion dinars, an increase of 7.6% compared to the expenditures of the same period of the last fiscal year, which amounted to 10.948 billion dinars, while the total commitment for the first ten months of the current fiscal which represents the amounts in the expenses that were not recorded in the expenses account for the lack of completion of the documentary cycle until the end of the period, was 3.117 billion dinars, an increase of 34.6 percent compared to the total commitment in the corresponding period of the last fiscal year, which amounted to 2.316 billion dinars.
Thus, the total expenditures and commitments during the first ten months of 2021/2022 amounted to 14.896 billion dinars, which constituted 64.6% of the approved for the entire fiscal year that is 23.048 billion dinars, while it rose by 12.3 percent over the total expenditures and commitments for the same period of 2020/2021, which amounted to 13.264 billion dinars.
The total expenditure, in addition to the commitment to the first chapter of the budget related to workers’ compensation (salaries), was about 6.627 billion dinars from April 2021 until the end of January 2022, or about 82.2 percent of the total approved expenditure in the budget for this chapter for the entire fiscal year, which was 8.066 billion dinars. As for the expenditure and commitment on Chapter Two (goods and services), it was 2.212 billion dinars or 63.7 percent of the total approved in the budget for the full year, that is 3.47 billion dinars.
The total expenditure and commitment on Chapter Five (subsidies) was about 508.557 million dinars in the first ten months of 2021/2022, which constituted 60.5 percent of the total approved for the entire fiscal year of 840.551 million dinars, while the total expenditure and commitment on Chapter Six (grants) reached 3.033 billion dinars, or about 54.6 percent of the budget approved for the full year, amounting to 5.55 billion dinars.
The total expenditure and commitment on Chapter Seven (social benefits) amounted to about 624.557 million dinars, which constituted 58.2 percent of the total approved for the full fiscal year, which amounted to 1.072 billion dinars.
The total capital spending from April 2021 to January 2022 was about 901.89 million dinars, which constituted only 34.4 percent of the total approved in the budget for the full fiscal year, which amounted to 2.621 billion dinars, while capital spending recorded an increase of 29.2 percent compared to its counterpart in the corresponding period of the fiscal year. the past, amounting to 697.829 million dinars.
The debt owed to the government rose by 31.4 percent to 1.905 billion dinars at the end of last January, compared to 1.45 billion dinars in the same month last year. Those debts increased during the first ten months of the current fiscal year by about 10.1 percent, after it was 1.729 billion dinars last April.
As for the debt owed by the government, it decreased by 16.2%, recording 433.697 million dinars at the end of January 2022, compared to 517.724 million dinars in January of last year, while it recorded an increase of 6% since the beginning of the current fiscal year after it was 409.277 million dinars last April.
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