Kuwait records first fiscal surplus in nearly a decade: ministry

Kuwait records first fiscal surplus in nearly a decade: ministry

Kuwait recorded its first surplus in nine years for the 2022-2023 fiscal year which ended in March, the finance ministry said on Wednesday, crediting last year's surge in oil prices.

The Gulf emirate, whose revenues rely heavily on hydrocarbons, closed its fiscal balance with a surplus of $21 billion, the ministry said.

"The final account of the state's financial administration records an actual surplus for the first time in nine years," the ministry said in a statement on its website.