Kuwait Proposes $79 Billion Budget for 2012-13, Al-Rai Says

Kuwait’s cabinet proposed a budget of 22 billion dinars ($79 billion) for the 2012-13 fiscal year, Al-Rai reported today, citing people it didn’t identify.

The budget, for the fiscal year beginning April 1, is based on an average oil price of $65 a barrel, the Kuwait-based newspaper said, without providing a figure for projected revenue. The draft budget has been referred to the Supreme Council for Planning and Development, according to Al-Rai.