Kuwait sees $24bn deficit

KUWAIT CITY: Kuwait on Monday projected a $24-billion deficit in its new fiscal year budget despite a massive spending cut due to plunging oil prices.
Revenues for 2015-2016 are projected at $41.1 billion, 43.6 percent down from estimates in the current year, Finance Minister Anas al-Saleh said.
The budget cuts spending to $65.1 billion, 17.8 percent below estimates in the current budget, the minister said.
Saleh said the budget for the new fiscal year, which starts April 1, was approved by the cabinet Monday and still needed to be debated by parliament. OPEC member Kuwait relies heavily on income from oil, whose price has crashed by around 60 percent since last June. The price of Kuwaiti crude has plummeted from around $103 a barrel last year to about $41 a barrel currently. Kuwait projected a budget deficit in the past 15 fiscal years but ended up with a healthy surplus each year due to high oil prices.