Kuwaiti Nation's Council approves 1999 budget
Kuwait, Economics, 8/4/1999

The Kuwaiti Nation's Council has approved the fiscal budget for 1999-2000, estimated at 4.25 billion dinars (US $14 billion), representing a the largest deficit since the Gulf war in 1991.

The deficit in the budget, which was delayed for one month from the set date, is estimated at 2.248 billion dinars (US $7.4 billion), representing an increase of 4% over the previous year's budget.

The budget, which was approved by 27 parliament members, opposed by 20 while one parliament member abstained from voting, noted total revenues at 2.224 billion dinars (US $7.3 billion), including 1.176 billion dinars (US $5.8 billion) from oil revenues, which represent the primary source of Kuwaiti revenues.

However, 10% of the Kuwaiti revenues are automatically transferred to the "coming generations" funds which Kuwait will use after its oil reserves are depleted.

Previous Stories:
  Kuwaiti petroleum minister: OPEC should abide by reductions in petroleum production   (7/29/1999)
  Kuwait welcomes foreign investments with tax exemptions   (6/11/1999)
  Kuwaiti budget to be announced in July   (6/10/1999)

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