Kuwait to up spending by $52bn

Kuwait's finance minister, Mustafa al-Shimali has said the Gulf state may increase spending to as much as $52bn in the fiscal year starting on April 1, as it boosts investment in infrastructure, Bloomberg has reported. Kuwait's projected spending and revenue for the current fiscal year ending March 31 is KD12.1bn and KD8.1bn, respectively. Kuwait had recorded a budget surplus of KD2.74bn in the 2008- 2009 fiscal year as the fifth-biggest OPEC producer benefited from higher oil sales.