Kuwait budget spending may top $52bn in 2010-11

Kuwait is expected to spend KD12-15bn ($42-52bn) within the 2010-11 budget, the Gulf country's finance minister was quoted as saying on Thursday.

"The state budget and what it includes from projects within the development plan for the year 2010 is between 12 and 15 billion dinars," Mustapha Al Shamali was quoted as saying by Kuwaiti daily Al Seyassah.

Yes, it's correct," Mustapha Al Shamali told reporters in parliament when asked to confirm his remarks in daily Al Seyassah.

The Gulf Arab state has approved to spend 12.12 billion dinars in the current 2009-10 budget. The country logged a surplus of 6.32 billion dinars in the first eight months of the fiscal year, which starts in April, due to higher oil revenues.

The OPEC member has forecast a deficit of 4.85 billion dinars in its 2009-10 budget, assuming its crude, the main revenue earner, would fetch $35 a barrel.

The average price of benchmark US crude during April 1, 2009 and Jan. 14, 2010 was $69 a barrel. (Reuters)