Saudi Arabia trimming expenses, slowing some projects: minister
Riyadh
SAUDI Arabia's government is cutting unnecessary expenses and delaying some projects to compensate for low oil prices, though projects that are important for the economy will go ahead, Finance Minister Ibrahim Alassaf said.
His comments, made in an interview with broadcaster CNBC Arabia during a visit to Washington with King Salman, were the clearest official signal yet that the government was reducing expenditure in some areas as cheap oil slashed its revenues.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Putin plans to meet Xi in China days after his new term starts
Biden vetoes bid to repeal US labour board rule on contract, franchise workers
Economic leaders of South Korea, Japan, China say FX volatility is a risk
US automakers win extension on use of Chinese graphite in EV tax credits
US service sector contracts in April; price pressures up
Thaksin’s daughter calls central bank independence an ‘obstacle’