KUWAIT: Kuwait's parliament on Wednesday approved the country's budget for the fiscal year from 2015 to 2016, forecasting a deficit of 8.18 billion Kuwaiti dinars ($27 billion).
The budget allocates 19.17 billion dinars in expenditure, revenues of 12.2 billion dinars, approved in a vote by lawmakers.
The deficit of 8.18 billion assumes an oil price of $45 per barrel, while the deficit is expected to tighten to 4.5 billion if oil prices trade in the mid-$60s range, finance minister Anas Al Saleh told MPs on Wednesday.
Kuwait's provisional budget deficit for the fiscal year from 2014 to 2015 stands at 2.314 billion, after contributions to the country's future generations fund, Al Saleh said.
That figure compares with a surplus of 4.955 billion dinar a year earlier, he said.
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