Kuwaiti budget to be announced in July

Kuwaiti Emir Sheikh Jabir al-Ahmed al-Sabah issued a royal decree approving the new public budget, which will be issued on its appointed date despite the absence of the Nation's Council (parliament), whose members will be elected at the beginning of July.

The fiscal year 1999 - 2000 starts as of July 1, before the date of the new Nation Council's elections. Despite this, the parliament has the right to examine the budget after its formation.

The Kuwaiti Cabinet has approved the draft budget for the fiscal year 1999-2000, presenting it to the National Council to be discussed before being dissolved recently.

The expenses in the budget are estimated at 4.24 billion Kuwaiti dinars ($14 billion), and revenues were estimated at nearly $17.34 billion, with a shortage of $6.68 billion.

Thus the deficit is less than last year when it amounted to $14.39 billion dollars due to the reduced prices of petroleum.