Saudi Arabia to cut public spending | The National

Saudi Arabia to cut public spending | The National:



"Saudi Arabia’s finance minister Ibrahim Alassaf yesterday confirmed for the first time that the kingdom will cut public spending, as the country attempts to weather the low oil price that has blown a US$120 billion hole in its finances.



“We have built reserves, cut public debt to near-zero levels and we are now working on cutting unnecessary expenses while focusing on main development projects and on building human resources in the kingdom,” Mr Alassaf said n an interview with CNBC Arabia.



“There are some projects like the ones that have been approved a few years ago and haven’t been carried out until now – that means such projects are not currently necessary and can be delayed,” he said."



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