Parliament passes next year’s budget
Parliament approved the country’s budget 2014/2015 yesterday with expenditure expected to be KD 23.21 billion (£47.9 billion; $82.18 billion) up from KD 21 billion last year and revenues at KD 20.07 billion (£41.43 billion; $71.07 billion).
Oil income is projected to be 18.8 billion (94% of total revenue) calculated on the basis of $75 per barrel at 2.7 million barrels per day. Non-oil revenues are expected to come in at KD 1.26 billion.
The breakdown of expenditure is as follows:
Salaries; KD 5.586 billion (up 7.5%)
Goods and services; KD 3.917 (up 1.1%)
Transportation, equipment and supplies; KD 389.4 million (up 17.63%)
Construction projects, maintenance and public acquisitions; KD 1.758 billion (up 20.1%)
Transfer payments and other expenses; KD 10.23 billion (up 8.25%)
For the best newspaper report on the budget please go to the Arab Times.