Kuwait emir urges reforms as income drops 60 percent

Oil prices have lost around 60 percent of their value since June 2014, hitting the coffers of energy-dependent countries like KuwaitKuwait’s ruler called Tuesday on officials in the oil-rich state to seek alternative revenue sources and reduce public expenditure after state income dropped 60 percent 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 percent while spending remained without any reduction leading to a huge deficit,” the emir told lawmakers.

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