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FINANCIAL NEWS
Kuwait warns a budget deficit
24 May 2014
(MENAFN) Kuwait”s finance minister warned that the country will face a certain budget deficit due to growth in spending, which has outpaced a rise in public revenues, The Peninsula Qatar reported.
“A budget deficit is inevitable… as the average annual growth in public spending was 20.4 percent during the past decade against a 16.2 percent average rise in revenues,” mostly from oil, the minister said.
The minister added that between the years 2005 and 2013, government wages increased from USD8.3 billion to USD33.8 billion, a massive 25 percent annually on average.
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