Oil revenues for 2016-17 budget at KD 5.8 bln — minister

Deputy Prime Minister, Minister of Finance, and Acting Minister of Oil Anas Al-Saleh during the conference
Deputy Prime Minister, Minister of Finance, and Acting Minister of Oil Anas Al-Saleh during the conference

KUWAIT, Jan 28 (KUNA) — The oil revenues for the 2016-17 budget is at KD 5.8 billion, around 78 percent of the budget and based on the USD 25 per barrel price for the Kuwaiti oil, said Deputy Prime Minister, Minister of Finance, and Acting Minister of Oil Anas Al-Saleh Thursday.
In a press conference at the Ministry of Finance, Al-Saleh said that the current number was approved during the meeting between the cabinet and the Supreme Council for Planning and Development (SCPD) which was chaired by His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah.
A several factors came into consideration when coming up with the revenues number, said the minister, stressing that one of the major factors was the current status quo of the global oil market which mainly shaped the announcement.
Finding a policy that balances the needs of the citizens and the state’s plan to rationalize spending was another important factor, said Al-Saleh.
The revenues will mostly be spent on public utility, healthcare, security, education, and development projects, said the minister.
Non-oil revenues was at D 1.6 billion, bringing the state revenues to KD 7.4 billion, said the minister, noting that KD 0.7 billion was deducted from the budget for the Kuwait Future Generations.
He indicated that the meeting touched on the government bodies and ministers spending, saying that the estimated number put that at KD 18.9 billion, a KD 279 million decrease from the 2015-16 budget.
Due to the current price of Kuwaiti oil and the production volume of 2.8 million barrels per day, the 2017-16 budget faced a deficit by KD 12.2 billion, said the minister. USD 1.00 equals KD 0.302. (end) fnk.gta