Kuwait Emir Sheikh Sabah Al-Ahmad Al-Sabah waves ahead of his speech during the opening session of the fourth year of the 14th Parliament in Kuwait City, Kuwait.

Kuwait’s Emir Sheikh Sabah Al-Ahmad Al-Sabah has called on officials 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, he 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 Ruler told lawmakers. He called for “speedy actions to adopt serious and fair measures to complete economic reforms… and reduce public expenditures.” “Any delay would only increase the budget deficit and make the cost (of reforms) higher,” the emir said.

Oil prices have lost around 60 percent of their value since June 2014, hitting the coffers of energy-dependent countries like Kuwait.

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