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A parliamentary panel in Kuwait Sunday approved draft legislation calling for the scrapping of government plans to raise petrol and power prices to combat a budget deficit.Kuwait, which relies heavily on oil income, posted its first budget deficit of $15 billion in the 2015-2016 fiscal year after 16 years of healthy surpluses.Kuwait has already drawn down billions of dollars from its $600 billion sovereign fund and resorted to borrowing and plans to issue domestic and foreign bonds worth $16.6 billion.
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