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"Saudi Arabia will cut spending and issue more bonds as it faces a record budget shortfall due to falling oil prices, the finance minister said on Sunday.The kingdom - the biggest Arab economy and the world's largest oil exporter - is facing an unprecedented budget crunch after crude prices dropped by more than half in a year to below $50 a barrel.It has so far relied on its huge fiscal reserves to bridge the gap but Finance Minister Ibrahim al-Assaf said more measures would be necessary."We are working... to cut unnecessary expenditure," Assaf told Dubai-based CNBC Arabia in Washington, where he is accompanying King Salman on a visit."
"Saudi Arabia will cut spending and issue more bonds as it faces a record budget shortfall due to falling oil prices, the finance minister said on Sunday.The kingdom - the biggest Arab economy and the world's largest oil exporter - is facing an unprecedented budget crunch after crude prices dropped by more than half in a year to below $50 a barrel.It has so far relied on its huge fiscal reserves to bridge the gap but Finance Minister Ibrahim al-Assaf said more measures would be necessary."We are working... to cut unnecessary expenditure," Assaf told Dubai-based CNBC Arabia in Washington, where he is accompanying King Salman on a visit."
[text] Low oil price forces Saudi Arabia to cut spending amid record budget shortfalls - Telegraph
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