Kuwait is maintaining spending in the budget for the year beginning 1 April at similar levels to 2015-16, despite oil prices last month hitting 12-year lows.

Revenues are slated to plummet to just KD7.4bn ($24.4bn) for 2016-17, down by 41% in real terms on the budgeted figure for the 2015-16 financial year. The budget deficit is therefore set to rise by almost 50% to KD12.2bn ($40.2bn). (CONTINUED - 1369 WORDS)