Middle East Economic Survey
Kuwait Closes 2010-11 Budget With $19Bn Surplus
Kuwait closed its fiscal year 2010-11 (1 April 2010-31 March 2011) with a remarkable surplus of KD5.3bn ($19.20bn) before the transfer to the Reserve Fund for Future Generations (RFFG), noted the National Bank of Kuwait (NBK) in its Economic Brief of 20 September. The surplus came despite a 44% annual increase in spending, thanks to higher oil prices and revenues, said the bank. NBK...