Kuwait-Mubasher: The National Assembly has approved a draft bill authorizing the government to secure KWD 3 billion (nearly $10 billion) for an emergency budget for the coming 10 fiscal years, according to Kuwait news Agency.
The allocated funds will be deducted from the state monetary reserves to enable the government to boost the country's defense.
“The first article of the law provides that the funds will be used in covering the defense need through procurement of weapons and military equipment exclusively in keeping with the financial situation of the country each year,” noted the news agency.
Kuwait’s Supreme Defense Council will allocate the necessary funds for each of the ten fiscal years starting from FY 2015/2016 to implement of arms deals and work out a detailed final account of each year.
The commission recommended reducing the initially-set funds to KWD three billion from KWD 6.2 billion, given the actual needs of the country's defense at present, added the agency.
