ABSTRACT
The first published budget for Kuwait was produced in 1946 and the second in 1947 when the first oil royalty from Kuwait Oil Company Limited (KOC) was received. All oil revenues were received by the Riad El sheikh himself and, as the Political Resident in the Gulf wrote, all the KOC royalty payment ‘is paid to the Imperial Bank of Iran in London and transmitted to their Kuwait branch in the name of the ruler of Kuwait. Expenditure on the land purchase scheme was one of the main features of public expenditure in Kuwait. Kuwait’s public budget expenditure followed two main accounting practices during the period studied. The first prevailed during most of the 1950s, when the expenditure was made available to the different departments without differentiation between capital and current expenditure. The second has prevailed since the 1960s, during which time there have been two budgets: ordinary budget and construction budget.
