Kuwait’s 9-month spending up 18%

February 18, 2014 12:49 am

National Bank of Kuwait (NBK) has said the Kuwaiti government’s spending in the first nine months of the fiscal year 2013/14 jumped 18% to KD9.6bn ($34bn) driven by current expenditures, Reuters has reported. The Kuwaiti lender said that more than half of the increase in current spending came from the large ‘miscellaneous & transfers’ component, which jumped to KD5bn from KD2.6bn at end of second quarter. Although details for the entire period are not available, it looks likely that the jump was driven by a rise in transfer payments to the state social security fund, PIFSS, said the NBK.