Middle East Economic Survey

VOL. XLVIII

No 2

10-January-2005

KUWAIT

Kuwait Approves $8Bn Deficit Budget For 2005-06 As 2004-05 Heads For Record Surplus

The Kuwaiti cabinet on 26 December approved the draft budget for the fiscal year 1 April 2005-31 March 2006, forecasting a deficit of KD2.33bn ($8bn). Expenditures are projected at KD6.93bn ($23.7 bn), while revenues are estimated at KD4.6bn ($15.7bn). Oil revenues are forecast at KD3.4bn ($11.6bn), based on an average oil price of $21/B, an...