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Saudi Arabia to slash capital spending by 71%

Tuesday, October 11, 2016 8:58

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With the largest budget shortfall among the world’s 20 biggest economies, Saudi Arabia is planning more austerity measures this year. The kingdom will scrap projects worth more than $20 billion as it comes to terms with cheaper oil.

According to the Saudi government’s bond prospectus obtained by Bloomberg, capital expenditure is expected to fall to $20.6 billion (75.8 billion riyals) this year compared with $70.2 billion (263.7 billion riyals) in 2015. Two years ago, the country’s capital spending was $98.6 billion (370 billion riyals) …. https://www.rt.com/business

Source: http://luismmx.blogspot.com/2016/10/saudi-arabia-to-slash-capital-spending.html

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