Kuwait budget spending at $64 bln in 2011/12-KUNA

OPEC member Kuwait is expected to spend 17.93 billion dinars ($64 billion) in the 2011/12 fiscal year, assuming an oil price of $60 per barrel for the year, its finance minister was quoted as saying on Monday.

Kuwait estimates revenue of 13.44 billion dinars for the upcoming fiscal year, Mustapha al-Shamali told state news agency KUNA. The country's fiscal year starts in April.

The budget draft, approved by the the Gulf Arab country's government earlier on Monday, still needs to be approved by parliament.

Follow Emirates 24|7 on Google News.