Kuwait plans to increase spending by about 34% in the fiscal year starting April 1 and is projecting a budget deficit of KD6.46bn ($22.4bn), Bloomberg has reported. Spending is forecast at KD16.16bn and revenue at KD9.7bn in a draft proposal sent to parliament. Oil revenue is projected at KD8.62bn and non-oil revenue at KD1.1bn. The 2010/2011 budget will be based on a price of $43 a barrel for oil, which now trades at about $72 a barrel.
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