Financial and Banking News


Kuwait Proposes Steep Budget Cuts

The Kuwaiti government last week proposed a substantially cut back budget for FY1986/87, which begins on 1 July. Oil revenues, based on a price of $15/B at KD0.285/$ (as compared with a budget target of $27/B at KD0.295/$ for 1985/86) are put at KDl,656mns or 40.9% lower than for the current year, while non-oil revenues are expected to drop 14.9%. State expenditure is to drop by 11.5% from the current...