Kuwait projects huge deficit in 2010/11

Kuwait is projecting a 22.4 billion dollar budget deficit for the 2010-2011 fiscal year after raising spending by more than 33 percent, according to a draft budget seen on Tuesday.

Revenues are expected to rise to 33.7 billion dollars from 28.1 billion dollars in the current fiscal year that ends March 31, according to the draft, which was submitted to parliament. AFP