Kuwait Sees $16.4 Billion Deficit, Looks to Boost Revenue

Kuwait unveiled budget proposals that forecast a deficit for the fiscal year starting April 1, despite efforts by the OPEC member to boost revenue booked from independent state entities.

The Gulf nation is projecting a 5 billion dinar ($16.4 billion) shortfall, the Finance Ministry said Tuesday, after reducing the price it expects to get for oil to $70 a barrel and increasing spending. That compares with a 1.35 billion dinar surplus expected for the current year, revised up from a 124 million dinar deficit.