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FINANCIAL NEWS
Kuwait will not increase budget spending next fiscal year
09 Sep 2011
(MENAFN) Kuwait’s finance minister ,Mustapha Al-Shamali, said that the government would not increase budget spending in the coming fiscal year and would not slash the budget in the next months, reported Reuters.
Al-Shammali added that the government would focus on diversifying the country’s economy which for years relied on oil revenue as a source for spending.
He also said that the country’s budget spending tripled since 2004 reaching USD71 billion planned for the 2011/2012 fiscal year, which started in April.
It is worth noting that in February of last year, the Kuwaiti parliament cleared a USD110 billion development plan which aims at diversifying the economy away from oil and boosting the private sector, nevertheless, not much progress was achieved.
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