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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Kuwait recorded a budget deficit for the first time in 16 years

    Rocky
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    • Post n°1

    Kuwait - Kuwait recorded a budget deficit for the first time in 16 years Empty Kuwait recorded a budget deficit for the first time in 16 years

    Post by Rocky Tue 09 Aug 2016, 6:01 am

    [size=30]Kuwait recorded a budget deficit for the first time in 16 years[/size]
    09/08/2016 11:55 | Number of Views: 251
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    Kuwait announced a record budget deficit for fiscal year 2015 \ 2016, for the first time in 16 years, given the decline in global oil prices, according to comments by Finance Minister Anas Saleh transferred the official media.
    The total public budget deficit of 4.6 billion dinars (15.3 billion dollars) in the financial year ending March 31, according to Saleh said on Monday evening news and television official for the Agency, and is the first in Kuwait's budget deficit since fiscal year 1998 \ 1999.
    According to Saleh, revenues amounted to 13.63 billion dinars (45.5 billion dollars), down 45% from the previous year, while expenditure amounted to 18.24 billion dinars (60.5 billion dollars), down 14.8%.
    The Minister explained who is also Deputy Prime Minister and Acting Minister of Oil, the oil revenues during 2015 \ 2016 fiscal year amounted to 10.075 billion dinars (40.1 billion dollars), down 46.3%.
    Oil revenues accounted for 89% of the total public revenues in the last financial year, compared with 95% during the previous year.
    The sharp decline in oil prices globally since mid-2014, oil-producing countries to inflict great losses in public revenues.
    It was good informed the Kuwaiti National Assembly in July, the government's intention to borrow from overseas markets, to cover the budget deficit. He pointed out that Kuwait would borrow up to ten billion dollars from overseas markets through treasury bonds and Islamic instruments.
    The government plans to borrow $ 6.6 billion from the domestic market.
    Over the past years, high oil prices have provided a surplus of revenue allowed the Kuwaiti government finance sovereign fund paralleled worth $ 66 billion, mostly invested in the United States, Europe and Asia.
    Kuwait expects a deficit to $ 28.9 billion during the current fiscal year, which began on the first of April.
    The Kuwaiti government has taken during the past period, a series of measures to cut its budget deficit. In the first of August, the Cabinet decided to raise fuel prices by up to more than 80%, and for the first time in two decades. As the Government had taken in January 2015, a decision liberalization of diesel and fuel oil prices, decided last year to raise water and electricity rates for residents.
    The government has set to raise prices in the framework of "restructuring the pricing of gasoline products in line with the average prices in the GCC countries," as part of "the reformist government's plan" to cope with lower revenues.
    And it considered the international rating agency "Moody's" Monday evening, that Kuwait's decision to raise fuel prices will boost its credit rating as it would limit the government spending (the cost of price supports) and improves public finances.

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