KUWAIT CITY, Aug 19, (KUNA): Kuwaiti economists asserted Thursday the importance of His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah’s speech during the consultative committee meeting on plans for economic reform.

The speech provided the needed framework to protect the national economy from financial crisis, the economists agreed in separate statements to KUNA, calling for curtailing “the unjustifiable public spending” in the state budget.

They warned that overspending could add to the economic strains particularly amid new anticipated global economic crisis.

“The speech by His Highness the Amir focused on important aspects and solutions to the current economic situation, including the protective measures needed from repercussions of the global financial crisis which would affect the local market, including investment outside the country directly or indirectly,” former minister of commerce and industry and member of the advisory economic board of the Chamber of Commerce and Industry Abdulwahab Al-Wazan said.

Al-Wazan added that priority in terms of his speech shed light on finding the protective measures needed to prevents effects from the global financial crisis, especially affects on investment funds which are connected through the US currency.

For his part, Former Financial Minister Bader Al-Humaidi said that the speech by His Highness the Amir came at the right time and has reassured everyone who is monitoring the current financial status in the country and globally, noting that it has also dismissed fears concerning the national economy.

Al-Humaidi added that such speech comes after current economic conditions in the country has reached critical stage, noting that Unjustified public spending in previous times would endanger the national economy.