Mohammad Al-Jadaan, Saudi Arabia’s Minister of Finance and Acting Minister of Economy and Planning
by Kudakwashe MuzoriwaSaudi Arabia finance minister said that the government has approved a SAR 50 billion partial reduction in 2020 budget, representing less than five per cent, in areas that have the least social and economic impact, according to local newswire, Saudi News Agency.
Mohammad Al-Jadaan, Saudi Arabia’s Minister of Finance and Acting Minister of Economy and Planning said that due to the global economic conditions, the Kingdom has taken measures to reduce the impact of low oil prices and additional measures will be taken to deal with the expected drop in prices.
Al-Jadaan said that the government worked on preliminary measures to ensure the provision of the financial requirements necessary to implement the preventive and direct measures to deal with the consequences of the epidemic.
“The government will provide all the additional appropriation required and the necessary health services for prevention, treatment and spreading and Saudi Arabia is keen on prioritising social spending and reorienting its spending with the social and economic requirements of the phase,” said Al-Jadaan.
Given the potential continuation or exacerbation of COVID-19 effects and its consequences on the global economy, Al-Jadaan said that government developments will be re-evaluated, items of expenditures will be reviewed and appropriate decisions will be taken in a timely manner.
Saudi Arabia will also continue to raise the efficiency of financial and economic performance, enabling it to maintain the financial and economic gains that have been made during the past period.
MOST READ
ECONOMY
Oman plans to raise $1 billion to plug its...ECONOMY
Refinitiv partners with Complyfin in the UAEECONOMY
Abu Dhabi plans AED 10 billion in PPP tendersECONOMY
US weighs higher tariff ceilings in a bid for...ECONOMY
GCC oil wealth could be over by 2034 without...ECONOMY
Jordan agrees $1.3 billion IMF programmeECONOMY
Expo 2020 Dubai to contribute 1.5 per cent to...
CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.
Loading More post
