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FINANCIAL NEWS
KSA focuses on low spending amid weak oil prices
13 Oct 2015
(MENAFN) Saudi plans to return unspent money which was allocated in this year’s budget for the purpose of cutting waste as state revenues weakens due to low oil prices.
In the recent past, government bodies in Saudi Arabia were given considerable freedom to transfer money from one project to another as they wished on the back of sky-high oil.
However, time has changed and ministries are expected to send back the assigned money to the treasury if it’s not fully spent on the projects for which it was initially allocated.
Moreover, the International Monetary Fund and calculate Saudi Arabia may run a record budget deficit of USD120 billion or more this year; in order to pay its accumulated bills.
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