NO. 48


Financial and Banking News

Budgets & Revenues

Kuwait to Draw $12bn from Reserves to Cover Extra Defense Expenditure

The Kuwaiti Government has been authorized, by Amiri decree, to draw up toKD3.5bn ($12bn) from state reserves during the next 12 years to cover defenseexpenditure. The decree, issued on 22 August, said that the drawings may startin the present financial year, 1992/93, which began on 1 July. The KD3.5bn isexpected to be spent in addition to the...