Kuwait has lost 60% revenue due to the fall in oil prices

KUWAIT, October 27. /Corr. Vasily Vavilin/. Kuwait has lost about 60% of income as a result of falling oil prices. On Tuesday at the opening of the regular session of the National Assembly (unicameral Parliament) of the country said the Amir Sheikh Sabah al-Ahmad al-Jaber al-Sabah.

“The decline in oil prices on the world market resulted in reduction of revenue for the state of Kuwait for 60 per cent,” he said, speaking to members of Parliament and Cabinet Ministers.

According to the Emir, must promptly take emergency measures for economic reforms, including cuts to public spending.

At the beginning of July 2015, the Parliament of Kuwait for the first time in 16 years took the country’s budget for next year with a planned deficit of 7 billion dinars ($23.2 billion). The reason for this was the decline in the prices of the commodities.

Oil export is the major revenue of the country, however, despite the sharp drop in oil prices on the world market, the crisis does not threaten the Emirate thanks to the accumulated reserves of $548 billion