Kuwait's cabinet has approved its draft budget for the next fiscal year starting in April with a projected 3.2 per cent rise in spending from the plan for the current year.
The draft 2014/15 budget was approved at a cabinet me
Kuwait's parliament approved on Wednesday a $56 billion state budget for 2010/11 which increases spending by 67.2 per cent from the previous fiscal year as the Gulf country aims to reduce its dependence on oil.
The new budget projects
Kuwait budget expenditures may fall by 5-10 per cent below the government’s forecast of KD11.3 billion, thanks to ballooning oil revenues, a study by National bank of Kuwait (NBK) said.
This may leave an overall surplus of KD7.7–9.1 billio