Saudi Arabia must Reduce Expenditure, says Finance Minister

Finance Minister of Saudi Arabia, Mohammed al-Jadaan, has stated that Saudi Arabia must reduce its expenditure to curb the impact of COVID-19 on the country’s economy.

Speaking at an interview on a local media channel, al-Jadaan stated that Saudi Arabia is dedicated to shield itself from the economic impacts of the COVID-19 pandemic through any appropriate financial measures, despite the declining oil revenue. He added that the drop in both oil and non-oil revenues will be seen further in the quarters to follow.

The Finance Minister had previously mentioned that Saudi Arabia would not withdraw more than USD 32 billion from the country’s reserves and instead would capitali...