Kuwait plans to trim spending by 1.6% in the fiscal year beginning in April, joining other Gulf states trying to deal with falling oil prices. Government spending will be KWD18.9 billion (USD62 billion) and the deficit will be KWD12.2 billion according to Deputy Prime Minister Anas Saleh. Kuwait’s oil revenue fell 46% in the April-to-December period of last year. Subsidies, public salaries and compensation make up 70% of total state spending at KWD13.3 billion, according to the Finance Ministry. The government is basing its projections on an oil prices of USD25 per barrel, according to Saleh. (Bloomberg)