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FINANCIAL NEWS
KSA to advance efficiency in state spending
08 Jul 2016
(MENAFN) Saudi Arabia will work hard to diversify its sources of income and enhance the efficiency of government spending as it strives to reduce its dependence on oil income.
The world’s top oil exporter has run a big deficit this year, and Riyadh’s approach to an era of anticipated low crude prices is closely watched both inside the kingdom and global markets.
The volatile economic conditions and lower oil prices has had Riyadh’s fiscal policy to be based on preserving stability and balance between revenue and spending on big development projects.
“The kingdom made its commitment very clear on implementing programs to diversify sources of income and decrease dependence on oil as a main source of revenue,” said the nation’s king.
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CBB approves the transfer of the retail banking operations of HSBC Bank Middle East, Bahrain Branch to BBK
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