FINANCIAL BANKING NEWS

BUDGETS AND REVENUES

Kuwait to Cut Spending

Recent statements by Kuwaiti minsters have confirmed that government spending is to be severely curtailed as a result of the country's reduced oil revenues. The Finance Minister, Mr. Jassim al-Khurafi on 8 February warned that a price drop to $201B would result in a 28% decline in income, although the day after he issued a strong denial that there was any intention of devaluing the Kuwaiti Dinar in response to this...