Draft Kuwaiti Budget Sees Deficit Rise On Lower Oil Price Assumption
The Kuwaiti cabinet has approved a preliminary budget for the financial year 1998-99,commencing 1 July. The draft law is currently before the Emir awaiting his signaturebefore being submitted to the National Assembly for final approval.
The budget foresees a slight increase in total revenues to KD3.13bn ($10.26bn) and a3.6% rise in total spending to KD4.86bn ($15.93bn). The deficit before the...