Coronavirus: Saudi Arabia announces 50b riyal budget cut

Cairo: Saudi Arabia’s government has agreed on cutting 50 billion riyals ($13.32 billion), representing less than 5 per cent in its 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.

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.