KUWAIT - Kuwait's parliament approved amid a session on Tuesday the 2021-2022 state budget, with a projected expenditure of USD 76 billion for the fiscal year that started on April 1, the country's finance minister said.
The approval of the 2021-2022 state budget, which shows an estimated revenue of USD 36 billion is a "monumental event" with major implications for citizens and the national economy, Khalifa Hamada was cited as saying in a statement.
Some 71.6 percent of expenditure is allocated for job support, the minister revealed, while some 15 percent of total spending would go towards development projects, chief among them infrastructure and residential ones.
The budget shows a marked increase in workers' compensation, worth USD 630 million, which would give way to an increase in healthcare and education spending, respectively, added the minister.
On a "timely" approval of the state budget, which was supported by 32 out of 63 lawmakers, he said the measure was needed to keep development projects afloat, thanking parliament for its contributions towards the endeavor.
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