VOL. XLI

No. 26

29-June-1998

KUWAIT

Kuwait And Algeria Fine Tune Their Budgets To Cope With Lower Oil Revenues

The Kuwaiti cabinet last week decided to reduce expenditure in its proposed 1998-99budget by KD450mn ($1.47bn) to cope with low oil prices. The projected deficit (afterallocation to the Reserve Fund for Future Generations - RFFG) will fall to KD1.59bn($5.20bn) from KD2.04bn ($6.67), but revenue (KD3.13mn - $10.23bn) and oil revenue(KD2.58bn - $8.43bn) are unchanged from the levels set...