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Kuwait: Budget and development strategy unveiled
The government has set out spending plans of KD21.2bn ($70bn) for fiscal year 2017/18 and plans to bring in revenues of KD13.3bn, leaving a deficit of KD7.9bn according to the Finance Ministry. The budget is based on an average oil price of $45/bbl, with expected oil revenues of KD11.7bn, up 36% on 2016/17. The deficit is far higher than anticipated (Dubai-based Emirates NBD had estimated KD3bn). The government has also launched the New Kuwait long-term economic strategy, based around the pursuit of a diversified economy and high-quality infrastructure by 2035.
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