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The General Reserve Fund holds the accumulated government surpluses after transfers to the RFFG, and the government has had to draw on its assets for financing, including to pay for maturing debt.
Although tapping the RFFG would allow Kuwait to sustain current deficit levels for decades, we estimate that the GRF could be depleted within around five years in a hypothetical scenario where fiscal deficits remain at the level expected for the fiscal year ended March 2019 (FY18/19), the transfer to the RFFG continues, there are no valuation gains or losses and the GRF is the sole source of financing.
The new foundation, the RFFG, was to receive $50 million plus interest.
The General Reserve Fund, set up in 1960, and is worth an estimated $20-$30 billion, and the Reserve Fund for Future Generations (RFFG), set up in 1976, which is worth an estimated $35-$45 billion.
The General Reserve Fund holds the accumulated government surpluses after transfers to the RFFG; the government has been tapping this fund for financing, and its value is thought to have fallen for the fourth year in a row, according to Fitch.
"Of this amount, the Reserve Fund for Future Generations (RFFG) accounted for almost USD 490 billion and has continued to increase, due to favourable asset market returns and the statutory annual transfer of 10 percent of government revenue," the statement noted.
Of this amount, the Reserve Fund for Future Generations (RFFG) accounted for almost USD400 billion and continues to increase, due to investment income and the statutory transfer of 10% of government revenue.
By law, the Kuwaiti government has to allocate at least 10 per cent of its annual revenues to its Reserve Fund for Future Generations (RFFG), managed by the KIA.
"If government spending, as expected, comes in 5-10 per cent below its official target of KD21 billion, the budget would see a surplus of between KD12 billion and KD13.8 billion before allocations to the RFFG. This would equate to 24 per cent-27 per cent of forecast 2013 GDP, compared to the government's ultra-conservative KD 2.9 billion projected deficit," the report added.-TradeArabia News Service
"Wages and salaries" saw the largest increase in spending this year, up 25% y/y (to KD 2.7 bn).Capital Expenditures, 12 months of FY2009/10The NBK report concluded: In conclusion, much higher-than-expected revenues and lower-than-projected expenditures led to a KD 8.2 bn surplus in FY2009/10, before allocations of 10% of revenues to the Reserve Fund for Future Generations (RFFG).
Of this amount, the Reserve Fund for Future Generations (RFFG) accounted for almost USD 400 billion and continues to increase, due to investment income and the statutory transfer of 10 percent of government revenue.
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