Kuwait emir urges reforms as income drops 60%
Sheikh Sabah al-Ahmad al-Sabah speaks during the opening ceremony of the new legislative year at the National Assembly in Kuwait City, on Tuesday.
Kuwait’s ruler called on Tuesday on officials in the Gulf state to seek alternative revenue sources and reduce public expenditure after state income dropped 60% due to a sharp slide in crude prices.
Addressing parliament at the beginning of its new term, Sheikh Sabah al-Ahmad al-Sabah urged citizens to understand the new measures.
“The decline in global oil prices has caused state revenues to drop by around 60% while spending remained without any reduction leading to a huge deficit,” the emir told lawmakers.
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Source News: Gulf Times