Kuwait achieved a net budget surplus of 1.28 billion dinars ($4.19 billion) in fiscal 2000/2001, the largest in two decades, the National Bank of Kuwait (NBK) said Wednesday, October 3.
NBK, the largest bank in the oil-rich Gulf emirate, said the shortened nine-month fiscal year 2000/2001 realized a significantly higher budget surplus than that achieved during the 12-month 1999/2000 fiscal year, recorded at $2.31 billion. NBK also said total revenues came in at $16.2 billion, a 26 percent annualized gain over the previous fiscal year.
"Both oil and non-oil revenues helped push up growth in government revenues. Oil revenues increased by 26 percent on the back of some of the highest oil prices in years, with the average prices of oil up 9.6 percent from the previous fiscal year," the statement said.
Oil revenues for 2000/2001 were recorded at $14.8 billion. NBK said non-oil revenues for fiscal 2000/2001 were up 31 percent at $1.4 billion, driven mainly by the benefits of increased fees and charges in the ministries of justice, health, interior, education and communications. ― (AFP, Kuwait City)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com )