An-Najah News - Kuwaiti Finance Minister Barak Al-Sheetan warned parliament that the oil-rich Gulf state of Kuwait will not have sufficient funds to cover public servants’ salaries after November.

According to Bloomberg, the government is withdrawing from its General Reserve Fund at a rate of 1.7 billion dinars a month.

The liquidity will soon be depleted if oil prices don’t improve and if Kuwait cannot borrow from local and international markets he added.

Kuwait’s budget deficit increased by 69 per cent to 5.64 billion dinars in the last fiscal year, the government estimates that it will be more than 14 billion dinars in the current fiscal year, ending on 31 March.
 Al-Sheetan explained.“In the medium to long-term, in the absence of borrowing, more austerity measures will have to be applied to public spending".
 MP Riyadh Al-Adsani asserted: “Al-Sheetan has to leave his position instead of threatening the citizens with their salaries,” noting that he produced a document that included “unrealistic” solutions for the crisis.