The Monthly Report of the State, Financial Administration Accounts – Match 2019

In its monthly follow-up report for the State’s Financial Department until the end of the fiscal ended at March 2019 (as published on its website), the Ministry of Finance indicates that total received revenues until the end of the end of the fiscal year 2018/2019 was at KD 20.559 billion, higher by 36.2% out of total estimated revenues for the entire fiscal year in the amount of KD 15.089 billion.

In details, actual oil revenues until 31/03/2019 scored approximately KD 18.428 billion, i.e. higher by 38.4% of the oil and gas revenues estimated for the entire fiscal year in the amount of KD 13.317 billion, or 89.6% of total collected revenues. The average Kuwaiti oil price for the fiscal year 2018/2019 scored US$ 68.5 per barrel. An amount of KD 2.130 billion was collected from non-oil revenues during the same period, a monthly average of KD 177.513 million, while the total estimated amount for the entire fiscal year was about KD 1.772 billion. This means that the realized amount was higher for the entire fiscal year by about KD 358.6 million than the estimated, which is a good matter despite its relative importance.

Allocated expenditures for the fiscal year 2018/2019 were estimated at KD 21.5 billion and then increased to KD 22.773 billion, higher by 14.4% than the allocated expenditures for the FY 2017/2018 in the amount of KD 19.9 billion, of which an amount of KD 21.849 billion has been actually spent according to the bulletin-until 31/03/2019, with a monthly average of KD 1.821 billion. Though the bulletin concludes that the budget achieved at the end of the 12th month of the fiscal year 2018/2019 a KD 1.290 billion deficit before deducting the 10% of revenues to the interest of the Future Generations Reserve, and a deficit by KD 3.346 billion after deducting the FGR, this is consistent with the was on the press release of the minister of Finance regarding the final account of the fiscal year 2018/2019.