Financial and Banking News
BUDGETS AND REVENUES
Kuwait Cuts Development Spending to Balance Budget
Faced with a 15.5% drop in its oil revenues during the current fiscal year which ends on 30 June, the Kuwaiti government has cut its spending on capital and development projects and slashed its land purchase program to virtually nil, so that its current deficit has been kept to negligible levels. These observations are derived from the latest public finance figures released by the...