Kuwait Sees $10 Billion Deficit on Higher Oil, Cuts Spending

Kuwait forecast a narrower budget deficit for the fiscal year starting April 1, due to buoyant oil prices.

The deficit -- which would be the ninth in a row -- is projected at 3.1 billion dinars ($10.3 billion), down 74.2% from the current year’s estimate of 12.1 billion dinars, according to the Finance Ministry. Spending is to fall 4.8% to 21.9 billion dinars, with capital expenditure accounting for 13.2% of that sum.