Kuwait accumulated reserves hit $548bln in six months

Kuwait, oil-rich Gulf state, accumulated reserves recorded $548 billion by the end of June 30, 2014.The reserves are invested in two state funds, the State Reserve Fund with $149 billion and the Reserve Fund for Future Generations with $399 billion, reported Al-Qabas newspaper.

Both funds are run by the Kuwait Investment Authority, the country’s sovereign wealth fund.According to the report, prepared by Audit Bureau, Kuwait’s state accounting watchdog, the reserves had grown by $15.7 billion in the first six months of 2014.

[tbpspa]

Kuwaiti authorities have not officially disclosed the amount of their reserves, but forecasts had put them at around $500 billion at the end of March 2014.Kuwait accounts for around 10% of global crude reserves and pumps around three million barrels per day, has posted a budget surplus in each of the past 15 fiscal years. Oil income makes up 94% of public revenues.

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