HE the Minister of Finance Ali Sherif al-Emadi, right, and HE the Qatar Central Bank Governor Sheikh Abdullah bin Saud al-Thani, left, taking part in the annual meeting of the finance ministers and central banks governors of the GCC countries in Kuwait City yesterday.
Kuwait’s finance minister yesterday called for economic reforms by Gulf states to cope with a drop in oil prices that has hurt their public finances.
Anas al-Saleh urged steps to tackle rising public spending, mainly on wages and subsidies, as well as efforts to boost the role of the private sector.
“Comprehensive economic reforms, including reforming distortions in the public finances, should be enforced,” he said at a meeting of regional finance ministers and central bank chiefs.
Saleh said the Gulf states must diversify their economies and “reduce dependence on oil”.
“Implementing these policies has become inevitable,” Saleh told the meeting, which International Monetary Fund managing director Christine Lagarde was also attending.
