(MENAFN) Kuwait is expected to register a budget deficit of about USD23.2 billion in the financial year 2015/2016, heavily impacted by the sharp decline in oil prices, AFP reported.
The trade deficit was voted on by 47 members of the parliament, who also projected revenues of around USD40.7 billion, which marks a tremendous 39.2 percent decrease from last year's estimates.
'We are facing a very difficult financial situation. We must control the growth in spending and diversify our sources of income so as not to remain completely reliant on oil,' the Finance Minister said.
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