Kuwait's emir urges management of spending, budget cut over oil price drop
Kuwait's emir has called for better management of spending and for budget cuts to cope with declining revenues due to lower oil prices, state news agency KUNA said on Wednesday. The remarks by Sheikh Sabah al-Ahmed al-Sabah, at a meeting with newspaper editors, appeared to be part of a drive to prepare the ground for politically difficult economic measures such as cuts in energy and food price subsidies, which could occur next year. "We are required to start with treatment and economic steps and programmes aimed at managing and reducing the budget articles, to deal with the shortages in the state financial revenues," Sheikh Sabah said, according to KUNA. He added that any such measures must ensure the basic needs of Kuwaitis were addressed. The chief executive of state energy conglomerate Kuwait Petroleum Corp, Nizar al-Adsani, said on Tuesday that Kuwait was considering several options for energy subsidy reforms but any possible rise in domestic prices would not affect citizens' livelihoods. (Reuters)
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