KUWAIT

Kuwait’s 2015-16 budget, which starts next April, is likely to have a deficit of KD2.8bn ($9.58bn) before allocation of the mandatory revenue to the Reserve Fund for Future Generations (RFFG), the head of the Kuwaiti parliament’s budget committee ‘Adnan ‘Abd al-Samad says.

The new budget is provisionally based on an oil price assumption of $60/B and average crude oil production of 2.7mn b/d, compared to $75/B and 2.9mn b/d in 2014-15. More than 90% of budget...