Saudi Arabia may cancel projects for $20 billion

Saudi_Arabia_may_cancel_projects_for_20_-billion

Saudi Arabia has engaged to seriously shrink its budget deficit, which is one of the largest among the 20 strongest economies in the world.

For this purpose, the government plans to cut projects for 20 billion dollars, writes Bloomberg.

The office is currently examining hundreds of projects worth 260 billion riyals, or 69 billion dollars. Three sources familiar with the process told the agency that during this process can be dropped up to one-third of the planned projects.

Another plan included ideas for a merger of ministries as well as for the removal of other ones, informed the agency.

The largest oil exporter in the world is trying to reduce its budget deficit, which last year reached the colossal for the finances of the country 16% of the gross domestic product after oil prices fell dramatically.

The Finance Ministry of the country, however, has refused to comment on the topic.

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Stefan Kachakov
My name is Stefan Kachakov and I’m working as content writer at Business News Feeds. I'm writing for business news, finance statements and business management for North, Central and South Americas and Europe.

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