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

Jan. 31 (Bloomberg) -- 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.

To contact the reporter on this story: Fiona MacDonald in Kuwait at fmacdonald4@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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