Financial and Banking New


Kuwait Proposes Further Spending Cuts 

The draft budget for the 1985/86 Kuwaiti fiscal year, which was presented to the National Assembly last week, proposes a 4.5% cut in state expenditures to KD3,419mn ($11.4bn). However, with oil revenues forecast to drop by 3.8% to KD2,802mn ($9.3bn) and other revenues forecast to remain constant at KD314mn ($105mn), the proposed deficit will be cut by 8.4% to KD645mn ($2.15bn). These figures, which...