Kuwait budget sees record spending, deficit
Friday, 27 June 2008
KUWAIT CITY, June 26 (AFP): The Kuwaiti parliament today passed the budget for the 2008/2009 fiscal year projecting record spending of 18.966 billion dinars (71.4 billion dollars) and a massive deficit.
Spending in the fiscal year from April 1 to March 31 is up a mammoth 68 per cent on last year's estimated expenditure of 42.5 billion dollars.
The new budget, however, includes a 20.6-billion-dollar one-off payment to cover the deficit of the state-run pension agency.
Revenue is estimated at 47.6 billion dollars, 52.8 per cent higher than the previous year's estimated income of 31.3 billion dollars. This would leave a huge budget deficit of 23.8 billion dollars.
Spending in the fiscal year from April 1 to March 31 is up a mammoth 68 per cent on last year's estimated expenditure of 42.5 billion dollars.
The new budget, however, includes a 20.6-billion-dollar one-off payment to cover the deficit of the state-run pension agency.
Revenue is estimated at 47.6 billion dollars, 52.8 per cent higher than the previous year's estimated income of 31.3 billion dollars. This would leave a huge budget deficit of 23.8 billion dollars.