Monday 19 March 2012

UPDATE 1-Kuwait eyes 13 pct budget rise amid industrial unrest | Reuters

Kuwait's state budget for next fiscal year envisages a spending increase of about 13 percent from the current year's plan, state news agency KUNA reported on Monday as the oil-rich state grappled with a wave of industrial unrest.

The budget for the 2012/2013 fiscal year, which starts on April 1, is expected to total around 22 billion dinars ($79 billion), KUNA quoted the head of parliament's budget committee as saying.

That estimate assumes revenues of around 14 billion dinars, 12.8 billion dinars of which would come from oil, Adnan Abdulsamad said. The projection is based on an oil price of $65 a barrel, KUNA added.

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