Cabinet passes budget
Kuwait’s Cabinet has passed a budget despite the political turmoil in the country at present.
The Kuwait Times reports that the budget for 2012/2013 has been passed whilst projecting a shortfall of KD 7.3 billion ($26 billion). Despite the parliament being dissolved on Sunday the budget will come into force by decree of the Amir, his Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah. The budget will still need to be approved by the new parliament when elected.
The budget projects revenues at KD 13.9 billion ($47.7 billion) and spending at KD 21.2 billion ($75.6 billion).
The newspaper reports that in 2011/2012 the government posted a record budget surplus of $47 billion despite projecting a large deficit. The main reason for the difference was because the price of a barrel of oil had been projected at $60 a barrel whilst the actual average price was $110.