Coronavirus: Saudi Arabia to cut 5% of 2020 budget

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Saudi Finance Minister Mohammed Al-Jadaan. (SPA)

It will be in areas that have the least social and economic impact.

By SPA

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Published: Thu 19 Mar 2020, 5:19 AM

Last updated: Thu 19 Mar 2020, 8:48 AM

Saudi Arabia's government has agreed on cutting 50 billion riyals ($13.32 billion), representing less than 5 per centin 2020 budget, in areas that have the least social and economic impact, state news agency (SPA) reported on Wednesday citing Finance Minister Mohammed Al Jadaan.
"The government took measures to curb impact of oil price drop and will take additional measures to deal with expected price decrease, the minister added.
The finance minister said the Kingdom has huge financial reserves and assets that will enable it to deal with the challenges resulting from the coronavirus outbreak and maintain sustainability and stability in the medium and long run.
Al Jadaan also said that given the potential impacts of the coronavirus outbreak, "developments will be reassessed, items of expenditures will be reviewed and appropriate decisions will be made in a timely manner," SPA reported.
With inputs from Reuters
 



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