Kuwait’s Emir Shaikh Sabah Al Ahmad Al Sabah spells out the new realities confronting the country's economy and its over dependence on oil. Image Credit: Gulf News Archive

Kuwait City: The sharp decline in oil prices, investments and other assets will have a negative impact on Kuwait's economy, the Emir said in a televised address.

Sheikh Sabah Al Ahmed Al Sabah called on political parties to create a programme meant to rationalize government expenditure and reduce dependence on a single commodity in order to build a "stable and sustainable" economy. The pandemic has rocked the global economy and "we're part of it," the Emir said.

"The Kuwait of tomorrow is facing a big, unprecedented challenge," he said, adding that the country must protect itself from external shocks created by the coronavirus.

Kuwait imposed a 24-hour curfew on Friday for the next 20 days to contain the spread of the pandemic. The country also reported its biggest daily jump in the number of new cases on the same day, taking the total to 7,623 infections.