RIYADH: Saudi Arabia is to cut SAR50 billion ($13.32 billion) from this year’s budget in light of the negative impact of the coronavirus pandemic on public finances in the Kingdom.
The cut is worth less than 5 percent of the 2020 budget and will be in areas that have the least social and economic impact, Finance Minister Mohammed Al-Jadaan said on Wednesday.
“The government took measures to curb the impact of the oil price drop and will take additional measures to deal with the expected price decrease,” he said.
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.”
Saudi Arabia to cut 5% of 2020 budget to fight effects of coronavirus pandemic
https://arab.news/5jjy3
Saudi Arabia to cut 5% of 2020 budget to fight effects of coronavirus pandemic
- The cut is worth less than 5 percent of the 2020 budget
- It will be in areas that have the least social and economic impact
Prince Faisal chairs first meeting of Prince Saud Al-Faisal Institute board
- The meeting reviewed the institute’s vision and core objectives
RIYADH: Prince Faisal bin Farhan, Saudi Minister of Foreign Affairs and Chairman of the Board of Directors of the Prince Saud Al-Faisal Institute for Diplomatic Studies, chaired the Institute’s first Board of Directors meeting following its reconstitution, it was reported on Sunday.
At the outset of the meeting, Prince Faisal congratulated dignitaries, members of the board, on the issuance of the Cabinet decision to reconstitute the institute’s board, the Saudi Press Agency reported.
The meeting reviewed the institute’s vision and core objectives, along with its strategic programmes and mechanisms for developing its work in line with the Kingdom’s Vision 2030, SPA added.
Discussions also focused on the institute’s role in building national diplomatic capabilities, enhancing human resources, and supporting the Kingdom’s active and influential presence on the international stage.
