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Deficit budget passed for Kuwaiti national carrier

altJune 30  - Kuwait parliament on Tuesday passed the 2010-2011 budget of state-owned Kuwait Airways Corporation (KAC) with a projected deficit of $180 million.


Revenues for the privatisation-bound airline are projected at $853 million while expenditure is estimated at 1.033 billion dollars. The fiscal year runs from April 1 to March 31, 2011.


KAC chairman Hamad al-Falah said the national carrier incurred a loss of $189 million in the previous fiscal year.


The carrier has posted a loss in all but one of the past 20 years, accumulating losses of more than $2.5 billion.


Parliament however rejected a recommendation from opposition MPs that called for suspending the privatisation of KAC until the accounting watchdog Audit Bureau conducts a probe into graft allegations in the airline.

 

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