Kuwaiti parliament rejects government spending plan

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A view of the Kuwaiti Parliament after listening to the speech made by the Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah on Tuesday, Oct.25, 2011. Photo - Gustavo Ferrari/AP

Kuwait’s state news agency KUNA reported the country’s parliament rejected a bill that covered the government’s $111bn four-year development plan that started during the 2010-2011 fiscal year.

Opposition lawmakers blocked the bill on Wednesday, describing it as “unrealistic”. They also chided the government for slow implementation of projects, KUNA added.

The plan requires a parliamentary approval for every fiscal year.

“Many projects were accomplished in the first two fiscal years of the plan,” KUNA said.

Kuwait is courting private investors to seek capital for almost half the cost of the development plan to modernise its oil-based economy.

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