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FINANCIAL NEWS
Kuwait’s budget committee rejects 10% spending increase plan
10 Jul 2011
(MENAFN) The Kuwaiti’s parliament’s budget committee’s head, Adnan Abdul Samad, said that the committee rejected a proposal by the government to raise the country’s spending by 10 percent, reported Arabian Business.
Samad added that the government proposed amendments that would increase budget spending by around USD6.5 billion that would be mainly spent in wages and benefits hikes for the country’s citizens.
He also said that in January, the government said that it had plans to spend around USD5 billion, or more than 4 percent of its gross domestic product (GDP) on cash grants and free food rations.
It is worth noting that Kuwait’s Finance Minister, Mustapha al-Shamali, said in January that expenditure in the 2011-2012 fiscal year was forecasted to come in at USD65.16 billion, with a 10 percent increase from the 2010/2011 budget.
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