Economics
Kuwait Leader Urges Curbing Oil Reliance to Strengthen Economy
Workers at the Al-Zour New Refinery Project in Ahmadi Governorate, Kuwait.
Photographer: Nie Yunpeng/Xinhua via Getty
This article is for subscribers only.
The sharp decline in oil prices, investments and other assets will have a negative impact on Kuwait’s economy, the Gulf nation’s emir said in a televised address.
Sheikh Sabah Al-Ahmed Al-Sabah called on parties to create a program meant to rationalize government expenditure and reduce dependence on a single commodity in order to build a “stable and sustainable” economy. The pandemic has rocked the global economy and “we’re part of it,” the emir said.