Thursday 18 December 2014
 
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SPENDING UP 3.2pc

Kuwait cabinet approves $77.4bn draft budget

Kuwait, January 31, 2014

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 meeting and still needs parliamentary approval, state news agency KUNA said.

The plan, which was originally published last week, said the major oil producer expects to spend KD21.86 billion ($77.4 billion) in the 2014/15 fiscal year, up by KD681.9 million from the 2013/14 plan.

That is well below the average annual spending rise of 19.2 per cent seen in the last decade to 2012/13, according to Reuters calculations based on official data.-Reuters




Tags: Kuwait budget |

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