Kuwait's government budget surplus shrank 26 per cent in the first nine months of this fiscal year as lower oil prices cut revenue sharply, analysts at National Bank of Kuwait (NBK) calculated, using Ministry of Finance data.
India may slash its food and fuel subsidy bill by about $8 billion in next week's budget, two sources said, but despite the impressive headline, the cut is not as radical as free market champions had hoped for in Prime Minister Narendra Modi
Kuwait is planning the construction of 45,000 housing units, a metro system, a railway network and a large number of mega oil projects, including a new refinery as part of a five-year KD34.15 billion ($116 billion) spend, a report said.
Kuwait plans to spend of more than KD34 billion ($116 billion) on projects in a new five-year development plan in spite of the recent slump in oil prices, a report said.
The plan, which ends March 2020, aims to catapult Kuwait as
Falling oil prices will take their toll on Bahrain's budget for at least two years, the Cabinet heard yesterday (February 9).
Guidelines for the proposed blueprint (2015-2016) yesterday took centre stage at the weekly session,
Bahrain’s Finance Ministry has said its Central Financial System (CFS) enables the avoidance of spending that exceeds allocated budgets.
In a statement, the ministry said other benefits of the system include cost savings, av
Kuwait's finance ministry has slashed spending and projected a big deficit in a draft budget for the next fiscal year, as plunging oil prices hit its export revenues.
The draft budget for the year starting
Bahraini sovereign fund Mumtalakat will not sell any assets or change its investment strategy in response to a likely oil price-driven shortfall in the state budget, it said on Thursday.
The fund holds stakes in Bahraini companies
Iran is cutting the oil price on which it bases its next budget to $40 a barrel, the semi-official Fars news agency quoted Finance and Economy Minister Ali Tayyebnia as saying on Thursday.
"We will revise the oil price in the
Qatar is expected to base its state budget for the fiscal year starting in April on an average oil price of $45 per barrel, down from $65 assumed in the current year's budget, a Qatari energy industry source told Reuters on Thursday.