Thursday 30 June 2011

Kuwait lawmakers approve $71 bln budget for 2011/12 - Maktoob News

Kuwait's parliament approved on Wednesday a state budget of 19.4 billion dinars ($70.7 billion) for the 2011/12 fiscal year, the biggest since at least 2003 and a 19 percent jump from the previous year.

Parliament's budget committee has opposed a government plan to raise spending by additional 1.8 billion dinars mainly on wage and benefit increases for Kuwaiti citizens, which would have taken the expenditure to 19.7 billion.

In January, Finance Minister Mustapha al-Shamali said expenditure for the world's No. 4 oil exporter was expected to come in at 17.9 billion dinars, a 10 percent rise from the 2010/11 budget.


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