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Tuesday, 6 September 2016

Saudi Arabia Said to Weigh Canceling $20 Billion of Projects - Bloomberg

Saudi Arabia Said to Weigh Canceling $20 Billion of Projects - Bloomberg:

"Saudi Arabia is intensifying efforts to shrink the highest budget deficit among the world’s biggest 20 economies, aiming to cancel more than $20 billion of projects and slash ministry budgets by a quarter, people familiar with the matter said.
The government is reviewing thousands of projects valued at about 260 billion riyals ($69 billion) and may cancel a third of them, three people said, asking not to be identified as the discussions are private. The measures would impact the budget for several years, according to two of the people.
A separate plan includes merging some government ministries and eliminating others, two people said, also speaking on condition of anonymity."



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