NO. 11


Financial and Banking News

Budgets & Revenues

Kuwait's Assembly Refuses To Ratify Military Spending Plans

Kuwait's National Assembly has refused to ratify government plans to spendKD3.5bn ($12bn) on military expenditure during the next 12 years, unless thepurpose of the spending is fully accounted for in the state budget. The Amir ofKuwait issued a decree in 1991 authorizing off-budget expenditure of KD3.5bn tocover arms purchases, but all decrees issued in...