• Saudi Arabia dismissed the head of the Ministry of Finance

  • The Minister of Finance of Saudi Arabia Ibrahim al Assaf stranen from office in accordance with the decree of king Salman. About it reports The Independent.

    As reminds the edition, al-Assaf held his post since 1996 and was the last Minister of the economic block of the government, appointed during the reign of the previous head of state is king Abdullah.

    The resignation of the Finance Minister linked to the new economic course, which is held in the state due to the fall in world oil prices. The country's budget deficit this year is expected to reach 87 billion dollars, despite the fact that Saudi Arabia is the world's largest exporter of "black gold".

    Additional pressure on the budget have military expenditures associated with conducting operations in Yemen.

    In this regard, Riyadh has introduced a program of austerity. In particular, we are talking about reducing public spending on subsidies and allowances as well as salaries of public officials, including members of the Cabinet.

    The authorities refused to implement several large investment projects that, as says the publication, can lead in the future to a new economic downturn.


More news in the same category:

More Global News:

comments powered by Disqus