Kuwait posts smaller deficit for last fiscal year on higher oil

The al-Hamra tower (right), the headquarters of The National Bank of Kuwait (centre) and al-Rayah tower (left), caught in heavy fog. — AFP

SYDNEY: Kuwait’s fiscal deficit narrowed to three billion dinars (US$9.8bil or RM44.6bil) in the year through March, a drop of more than 72% on the previous year as oil prices recovered.

The Organisation of the Petroleum Exporting Countries or Opec member recorded the highest non-oil revenue in seven years, up 38.5% to 2.4 billion dinars (RM35.5bil), according to a Finance Ministry statement.