Kuwait Collects Post-War Record Revenues
Kuwait's total revenues in the 1999/2000 fiscal year which ended June 30 reached 17 billion dollars, a post-Gulf War record, as oil prices soared, Al-Shall Economic Consultants said Saturday.
Earnings from oil also hit a new 10-year record with 15.6 billion dollars, constituting 91.8 percent 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 dollars), the largest in 15 years.
Non-oil revenues, which accounted for 431 million dinars (1.4 billion dollars), 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 dollars).
In July and August alone Kuwait collected 967 million dinars (3.15 billion dollars) 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 -- KUWAIT CITY(AFP)
© 2000 Al Bawaba (www.albawaba.com)