Kuwait’s cabinet approves draft budget

Oil producer expects to spend $77.4 billion in the 2014/15 fiscal year

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Kuwait’s cabinet approved on Thursday a draft budget for the next fiscal year starting in April with a projected 3.2 percent rise in spending from the plan for the current year.

The draft 2014/15 budget was approved at a cabinet meeting and still needs parliamentary approval, state news agency KUNA said.

The plan, which was originally published last week, said the major oil producer expects to spend 21.86 billion dinars ($77.4 billion) in the 2014/15 fiscal year, up by 681.9 million dinars from the 2013/14 plan.

That is well below the average annual spending rise of 19.2 percent seen in the last decade to 2012/13, according to Reuters calculations based on official data.

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