Saudi Arabian Finance Minister Muahmmed al-Cedan said in a statement that a budget cut of 50 billion rials ($ 13.3 billion) would be cut in the 2020 budget expenditures, corresponding to less than 5 percent of total expenses. Cedan noted that the decision was made as a result of the economic crisis caused by the new type of coronavirus (Covid-19), the sharp decline in global economic growth and its negative effects on the oil markets. In the 2020 budget of Saudi Arabia, expenses were $ 272 billion and revenues were $ 222 billion. Economic growth prospects and oil consumption continue to weaken due to the Covid-19 outbreak in China and spreading worldwide.
title: “Saudi Arabia Shrinks In 2020 Budget” ShowToc: true date: “2023-04-08” author: “Edward Slowe”
Saudi Arabian Finance Minister Muahmmed al-Cedan said in a statement that a budget cut of 50 billion rials ($ 13.3 billion) would be cut in the 2020 budget expenditures, corresponding to less than 5 percent of total expenses. Cedan noted that the decision was made as a result of the economic crisis caused by the new type of coronavirus (Covid-19), the sharp decline in global economic growth and its negative effects on the oil markets. In the 2020 budget of Saudi Arabia, expenses were $ 272 billion and revenues were $ 222 billion. Economic growth prospects and oil consumption continue to weaken due to the Covid-19 outbreak in China and spreading worldwide.
