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Kuwait approves 2012-2013 budget with $26bn deficit
- Kuwait: Wednesday, October 10 - 2012 at 02:32
The Kuwaiti cabinet has approved the 2012/2013 budget projecting a shortfall of KD7.3bn ($26bn), mainly through calculating oil income at a very conservative price, AFP has reported. Kuwait has projected a budget deficit every year for the past 13 fiscal years, but has annually ended up with a healthy surplus, accumulating around $250bn. The budget, which started on April 1, will be issued by an Emiri decree because parliament was dissolved on Sunday, finance minister Falah al-Hajraf said.
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