KUWAIT'S DEFICIT: $18.2 BLN

PE published, Kuwait's finance minister says the oil-exporting country has posted a budget deficit of $18.2 billion for the most recent fiscal year as lower crude prices slash into government revenue.

Anas al-Saleh, who is also the acting oil minister, was quoted in the state-run Kuwait News Agency on Sunday as saying the deficit was nearly $9 billion less than budgeted for. The new fiscal year in Kuwait began April 1.

Kuwait's budget deficit reflects the impact lower oil prices have had on crude exporters, particularly Gulf Arab monarchies that rely on oil revenues to support generous subsidies, welfare benefits and public sector wages.

Al-Saleh was quoted as saying Kuwait is "facing serious challenges" that require trimming spending, diversifying the economy, creating more jobs for Kuwaitis and attracting greater foreign investment.

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Earlier: 

KUWAIT'S OIL STRIKE 

KUWAIT & SAUDI AGREE 

BP & KUWAIT AGREEMENT 

RUSSIA & KUWAIT COOPERATION 

KUWAIT: $155 BLN INTO PROJECTS 

KUWAIT & SAUDI WON’T REDUCE: $76/BBL 

KUWAIT CANSELS $1.4 BLN 

KUWAIT DISCOVERS IRAQ 

CHINA & KUWAIT: $ 120 BLN 300,000 BPD OIL 

KUWAIT & SHELL: $12 B 

KUWAIT INVESTS $27B 

KUWAIT: GROWTH 2020 

KUWAIT WILL RICH 

KUWAIT WILL DIG