Kuwait approves $56bn budget

01 July 2010

Kuwait has approved a 2010/11 state budget which increases spending by 67.2% from the previous fiscal year as the country aims to reduce its dependence on oil, Reuters has reported. The new budget projects a deficit of KD7.55bn with expenditure set at KD16.3bn, up from the KD9.75bn the OPEC member spent in the 2009/10 fiscal year. However, analysts believe the budget will eventually register the biggest surplus in the Gulf as the government has assumed a very conservative price of $43 a barrel for oil in its calculations.

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