(MENAFN) Kuwait's cabinet approved a draft budget for the current fiscal year ending March 31, with projected expenditure of USD75.6 billion, official news agency KUNA reported.
Finance Minister Nayef al-Hajraf was quoted as saying that the draft budget, pending the approval of the country's ruler, sees revenues at USD49.5 billion.
This budget is largely similar to the previous version of the budget, and envisages a 9.5 percent increase in spending from last fiscal year's budgeted spending and 25 percent from last year's actual spending.
The GCC state previously announced a draft budget in March for the current fiscal year. However, political turmoil kept the draft budget from being approved by the parliament. Instead, Hajraf said last month that he expected the budget to be approved by the emir's decree.
The original budget projection was based on an oil price of USD65 a barrel. Although the plan assumes a budget deficit, global oil prices are currently trading well above USD100, meaning that Kuwait will likely post a surplus.
The new draft includes a plan announced last month to more than double the state's rainy-day fund portion revenues, KUNA said.
Kuwait plans to put 25 percent of revenues into the future generations fund, compared to 10 percent at present.