October 27, 2015 0
Emir of Kuwait Sabah Al-Ahmad Al-Jaber Al-Sabah (archive)
Our economy / Kuwait
Called on the Emir of Kuwait Sabah Al-Ahmad Al-Jaber Al-Sabah, on Tuesday, the government and parliament to quickly take measures and economic reforms to cope with the decline in oil revenues, the state reached 60 percent, due to lower world oil prices.
During delivering a speech at the opening of the new session of the Kuwaiti National Assembly, Sheikh Sabah al-Ahmad al-Sabah also called to find other sources of income in a country that relies heavily on oil revenues.
He said the morning in front of the parliament, "the decline in oil prices has led the world to a decline in state revenues by about sixty percent, while public spending continued the same without any reduction commensurate with the drop in oil prices, and this deficit was born in the state budget is burdened with and limits the ambitions of development." .
He called for "direct serious and urgent measures to complete the economic reform efforts and achieving its objectives, aimed at rationalizing and reducing public spending."
He said Kuwait's Emir Sabah Al-Ahmad Al-Jaber Al-Sabah said that "the delay increases the accumulation of disability."
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