Breaking News
Kuwait emir urges MPs to end conflict and help tackle liquidity crunch Open in fullscreen

The New Arab Staff & Agencies

Kuwait emir urges MPs to end conflict and help tackle liquidity crunch

Sheikh Nawaf addressed Kuwait's new parliament on Tuesday [Getty]

Date of publication: 15 December, 2020

Share this page:
  • 0

  • twitter
Sheikh Nawaf warned parliament there is 'no room' to waste efforts in tackling Kuwait's dire financial crisis.

Tags:

Kuwait.
Kuwait's emir urged members of the new parliament on Tuesday to put aside disputes and stressed the need for comprehensive reforms amid the Gulf state's worst economic crisis in decades.

Parliamentary polls this month saw two-thirds of lawmakers lose their seats as opposition candidates made huge gains.

The change has raised fears that the legislature will struggle to pass fiscal reforms and overcome deadlock over a debt law that is preventing the government from tapping into foreign debt markets.

"Our country's path faces serious problems and big challenges which call for putting in place a comprehensive reform programme," Sheikh Nawaf said during the new assembly's first session on Tuesday.

"There is no room for wasting more efforts, time and capabilities on fabricated conflicts, disputes and settling accounts which have become a source of frustration and discontent for citizens and an obstacle to any achievement."

Sheikh Nawaf became emir in September after the death of his brother, Sheikh Sabah al-Ahmad Al-Sabah. His accession to the throne came as wealthy Gulf states grapple with how to respond to a slump in oil prices due to the coronavirus crisis.

Kuwait's economy is facing a deficit of $46 billion this year and could shrink by as much as 7.8 percent due to the ongoing pandemic.

With a new parliament now sitting and a cabinet appointed, Kuwait's government is looking to overcome a long standing deadlock to pass a bill that would allow for borrowing from international lenders.

Follow us on FacebookTwitter and Instagram to stay connected

The New ArabComments

Most Popular

Most Popular

    Read More