Kuwait posts budget deficit after 16 years of surplus

Oil and Finance Minister Anas al-Saleh speaks during a parliament session at the Kuwait's national assembly, in July 2016Lower oil prices have pushed Kuwait into a rare budget deficit, ending 16 straight years of surpluses for the energy-rich Gulf state, the finance minister said. The OPEC member recorded a budget shortfall of 4.6 billion dinars ($15.3 billion) in the fiscal year which ended on March 31, Anas al-Saleh said in a statement carried by the KUNA news agency late Monday. Saleh told parliament last month that Kuwait plans to tap international debt markets through bond issues to finance the deficit.

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