Kuwait’s cabinet has slashed its revenue and expenditure projections in the draft budget for the 2015-16 fiscal year starting 1 April.

The budget, approved by the cabinet on 26 January, has opted for austerity and rationalization of expenditure, in the wake of the 55%-plus plunge in oil prices since June 2014. But despite the resulting fall in oil revenues, this budget is development-oriented, Finance Minister Anas al-Salih said in a press conference this week, and puts a special emphasis on education, health, social welfare and security. (CONTINUED - 910 WORDS)