Kuwait's cabinet has approved a draft budget for fiscal year 2011/12 forecasting a deficit of 4.9 billion Kuwaiti dinars ($17.4 billion). The budget now has to be passed by the national assembly (IOD Jul.2,p3). The finance ministry said projected rev- enues of 13 billion dinars - or around $46 billion - in the year to April 2012 are based on a conservative oil price of $60/bbl and production of 2.22 million b/d. Kuwait typ- ically lowballs revenue predictions. Latest es- timates are that it will record a $14 billion budget surplus in 2010/11, despite initial forecasts of a $26 billion deficit.
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