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Cabinet approves 2014 /2015 draft budget Ministers meet Supreme Planning Council

KUWAIT CITY, Jan 30, (Agencies): Kuwait’s cabinet approved on Thursday a draft budget for the next fiscal year starting in April with a projected 3.2 percent rise in spending from the plan for the current year. The plan, which was originally published last week, said the major oil producer expects to spend 21.86 billion dinars ($77.4 billion) in the 2014/15 fiscal year, up by 681.9 million dinars from the 2013/14 plan. That is well below the average annual spending rise of 19.2 percent seen in the last decade to 2012/13, according to Reuters calculations based on official data.

A combined meeting that brought together the Cabinet and the Supreme Council for Planning and Development reviewed the nation’s budget for fiscal 2014-2015 and the Supreme Council’s report on approaches to keep the budget on keel and free of any future societal pressures.

Thursday’s meeting was chaired by His Highness Prime Minister Sheikh Jaber Al-Mubarak Al-Sabah who lauded the achievements of the Supreme Council in helping with endeavors at streamlining reforms undertaken by the government, said Minister of State for Cabinet Affairs Sheik Muhammad Abdullah Al-Sabah, in a statement he delivered to the press after the meeting.

The meeting also discussed recommendations by the Ministry of Finance and the Supreme Council regarding the implementation of certain financial and economic reforms as necessitated by the directives of His Highness the Amir calling for serious and concrete steps to be taken by the government toward improving and upgrading its performance through the enactment of financial and economic reforms that could easily be felt by the society. The meeting ended by having the draft law for the new fiscal budget endorsed and turned over for the approval of His Highness the Amir and the National Assembly.

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