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Kuwait  parliament Wednesday passed the 2015/2016 state budget which projects a 7.0-billion dinar ($23.2 billion) deficit due to the sharp drop in oil prices.

Forty-seven MPs voted for the budget which projects revenues at 12.2 billion dinars ($40.7 billion), a massive 39.2 percent drop from last year's estimates. Four members opposed the budget.

Spending is projected at 19.17 billion dinars ($63.9 billion), 17.4 percent lower than last year's estimates.

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