Kuwait suffers deterioration in its economy

Kuwaiti Foreign Minister Sheikh Sabah al-Ahmad al-Sabah is to convene a meeting today with the chief of the nation's council and members of parliamentary committees to present the government's plan for dealing with the bad economic situation through which Kuwait is currently passing.

Following the meeting, Sheikh Sabah said that the government has warned of the difficult situation, adding that the situation will be very grave if Kuwait does not reduce its expenses within the coming three years.

On the other hand, Kuwaiti Minister of Finance Shiekh Ali Salem al-Sabah stated that the country's income is no longer enough to fund high salaries, adding that the situation is severe.

He added that the state of the petroleum market will have great influence on budgetary and economic developments, with the budget for upgrading Kuwaiti facilities being reduced, "so we all have to get through the situation and try to sacrifice."