Kuwait rules out spending cuts
- Kuwait: Thursday, September 20 - 2012 at 10:33
Kuwait's finance minister, Nayef al-Hajraf has said the Gulf country would not cut down on spending as a result of a plan to invest a greater percentage of its revenues in the Future Generations Fund, Kuna has reported. The decision "will not be at the expense of investment spending," said al-Hajraf. Kuwait booked a record budget surplus of KD13.2bn ($47bn) in the fiscal year that ended in March, thanks to high oil income and lower spending than planned.
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