LSE Kuwait Programme Paper Series, 44

This paper traces the historical evolution of the transparency, independence and accountability of public revenues and expenditures in each of the GCC countries. Beginning with the discovery of oil in 1932, specific focus is placed on that part of oil revenues that are treated as undisclosed allocations, including military expenditures, overseas transfers and royal allowances. It argues that with the exception of Kuwait, there is strong evidence to suggest that significant amount of oil revenues are undeclared, which go either into private hands or into undisclosed government transactions.