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Fri 31 Jan 2014 02:25 AM

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Kuwait's cabinet approves draft budget for 2013-14

Draft budget for next fiscal year includes 3.2% rise in spending compared to current budget

Kuwait's cabinet approves draft budget for 2013-14
(Photo for illustrative purposes only)

Kuwait's cabinet approved on Thursday a draft budget for the next fiscal year starting in April with a projected 3.2 percent rise in spending from the plan for the current year.

The draft 2014/15 budget was approved at a cabinet meeting and still needs parliamentary approval, state news agency KUNA said.

The plan, which was originally published last week, said the major oil producer expects to spend KD21.86 billion ($77.4 billion) in the 2014/15 fiscal year, up by KD681.9 million from the 2013/14 plan.

That is well below the average annual spending rise of 19.2 percent seen in the last decade to 2012/13, according to Reuters calculations based on official data.