Government ran budget deficit of nearly $100bn in 2015 and is seeking ways to plug gap left by low price of oil exportsSaudi Arabia’s government,its finances strained by low oil prices, is ordering ministries to cut their spending on contracts by at least 5%, or a document seen by Reuters shows.
The austerity drive could further late economic growth in the world’s top oil exporter and harm the construction industry,where many companies are struggling with deteriorating cash flow and rising labour costs.
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Source: theguardian.com