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Wednesday, 14 December 2016

King Salman acknowledges Saudis' economic pain | Reuters

King Salman acknowledges Saudis' economic pain | Reuters:
"King Salman told Saudis on Wednesday he recognized that economic restructuring measures adopted in response to a sharp drop in oil prices were painful, but said they were necessary to avoid long-term damage to the country.

"The state has sought to deal with these changes ... through a variety of measures to restructure the economy, some of which may be painful in the short run but ultimately aim to protect the economy of your country from worse problems," he told the consultative Shura Council.

"Similar circumstances have happened before over the past three decades, forcing the state to cut its expenses, but it emerged from them, thanks be to God, with a strong economy and continuous and increasing growth," Salman said.

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