KUWAIT CITY (AFP) – Kuwait posted Wednesday a budget surplus of $45 billion for the latest fiscal year, its second largest on record, but the IMF warned it of underlying risks despite the bumper returns.
The finance ministry said in a statement on its website that the surplus came in at 12.9 billion dinars ($45 billion) in the 12 months to March, capping a run of 15 straight years of windfalls.
Revenues came in at 31.8 billion dinars, of which oil accounted for 29.3 million dinars, and spending at 18.9 billion dinars.
It was the second biggest budget surplus on record, after the 13.2 billion dinars achieved in 2011-2012.
The oil-rich emirate of Kuwait has now posted a budget surplus in each of the past 15 fiscal years worth a total of 92.5 billion dinars, based on official figures compiled by AFP.