Kuwait: First budget deficit in 15 years

Kuwait is set to register a KD2.3bn ($7.8bn) budget deficit for fiscal year 2014-15, its first deficit since 1999-2000, according to minister of finance Anas Al-Saleh. The budget for the current fiscal year (2015-16) – approved by parliament on 1 July – is based on a much bigger deficit of KD8.18bn, as a result of low oil prices.In a statement to parliament, Saleh said one of the problems was persistent high current expenditure – something about which several senior Kuwaiti politicians have expressed concern.