Kuwait’s 2016/17 fiscal year budget deficit is projected at KWD12.9 billion (versus KWD7 billion for FY2015/16), Al-Qabas reported citing unidentified people from the Supreme Council for Planning and Development. Budgeted Spending is seen rising to KWD19.5 billion from KWD19.1 billion in the previous budget (a 2% increase) al-Qabas added. Revenues are expected to be KWD7.4 billion with oil income at KWD5.8 billion (2015/16 fiscal year expected revenue was KWD12.2 billion). Budget is reportedly based on a crude price of USD25 per barrel. Ministry of Finance monthly fiscal data for the first eight months of the current fiscal year (up to November 2015 of FY2015/16) shows that revenues came in at KWD10.4 billion (down from KWD19.2 billion over the same period of FY2014/15). Expenditure was KWD11.2 billion including unpaid expenses and the 10% transfer to the reserve fund. Actual cash spent was KWD6.6 billion for 8M2015/16 versus KWD8.5 billion in 8M2014/15 (a 22% decline Y-o-Y), although spending on development projects is up 8.5% to KWD740 million. (Al Qabas, Bloomberg, Mohamad Al Hajj)