Complex Made Simple

Kuwait to declare $10.5bn deficit

Kuwait's parliament has approved a budget with a deficit of $10.5bn for the fiscal year ending March 2006, according to Kuna. Revenues are forecast at $15.8bn and expenditures at $24.8bn, resulting in a $9bn deficit, which rises to $10.5bn after including the mandatory government deposit of $1.5bn. But the figures are based on a conservative estimate for oil prices, and analysts predict a record surplus should prices stay high.