Oil War, Virus Plight Force $13.3 Billion in Saudi Spending Cuts - Bloomberg:
Saudi Arabia announced 50 billion riyals ($13.3 billion) in budget spending cuts after the crash in oil prices and the coronavirus outbreak wreaked havoc on its public finances.
As the kingdom doubled down in its price war with Russia, authorities signed off on expenditure reductions equivalent to under 5% of the total outlays approved in this year’s budget, Finance Minister Mohammed al-Jadaan was cited as saying by state-run Saudi Press Agency. Only days ago, the central bank unveiled a 50 billion-riyal package to support private businesses hurt by the disease known as Covid-19.
“The government approved a partial reduction in some items with the least social and economic impact,” al-Jadaan said, according to SPA.
“In view of the possible continuation of the effects of the spread of Covid-19 and its consequences on the global economy, the developments will be reassessed, items of expenditures reviewed and appropriate decisions will be taken in a timely manner,” al-Jadaan said.
Saudi Arabia announced 50 billion riyals ($13.3 billion) in budget spending cuts after the crash in oil prices and the coronavirus outbreak wreaked havoc on its public finances.
As the kingdom doubled down in its price war with Russia, authorities signed off on expenditure reductions equivalent to under 5% of the total outlays approved in this year’s budget, Finance Minister Mohammed al-Jadaan was cited as saying by state-run Saudi Press Agency. Only days ago, the central bank unveiled a 50 billion-riyal package to support private businesses hurt by the disease known as Covid-19.
“The government approved a partial reduction in some items with the least social and economic impact,” al-Jadaan said, according to SPA.
“In view of the possible continuation of the effects of the spread of Covid-19 and its consequences on the global economy, the developments will be reassessed, items of expenditures reviewed and appropriate decisions will be taken in a timely manner,” al-Jadaan said.
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